Developing the trading idea for oil

Good evening, dear traders! I present to you the development of a trading idea for oil based on volumetric analysis!

Let me remind you that the idea for purchasing oil for the absorption of the decline last Friday was presented yesterday (12/04/19), which happened without the participation of America, because they had a public holiday. After that, the Americans traded for the next 2 trading sessions at prices that were not very profitable for sales, i.e. cheap relative to prices before the holidays.

The price increase occurred before the news on Oil Reserves, but this also increased the probability of a maximum update, since oil production was sharply reduced and today, there was an opportunity to add long positions in order to update the last maximum of 58.74.

As a result, 250 points were earned from the entry point 56.30 to the crossing 58.74. Moreover, it would bring +60 points when adding a long position or purchasing from oil reserves.

Forecast:

Developing trading idea with a description:

Good luck in trading and follow the money management!

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex