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01.02.202314:13 Forex Analysis & Reviews: Trading tips for oil

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 01.02.2023 analysis

Due to the warm weather and oversaturation of the LNG market in Europe, oil prices fell more than three times since last fall, breaking through the important technical level of 3.5. Despite this, there is a chance for a price increase as winter is not over yet, and any cooler weather will bring up the demand for gas, which could be an easy profit.

Exchange Rates 01.02.2023 analysis

So, starting from the current prices, traders can set a grid of buy limits in increments of 300 pips. Exit the market upon the breakdown of 3.520.

This strategy is called grid trading, which involves holding positions that are significant in time and distance.

Good luck and have a nice day! Don't forget to control the risks.

Andrey Shevchenko
Analytical expert of InstaForex
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