Oil prices slipped below the US$85 per barrel level after the US central bank, the Fed, announced an interest rate hike. U.S. oil demand over the past four weeks fell to 8.5 million barrels per day (bpd), the lowest since February, according to the Energy Information Administration (EIA). On the other hand, there was a 1.1 million barrel increase in crude oil stocks last week.
The European Union is considering restrictions on Russian oil prices, as well as on high-tech exports to Russia, as well as sanctions in the event of an escalation of Moscow's war in Ukraine. On the other hand, China's crude oil demand is also still pressured by tight restrictions due to Covid-19. OPEC crude oil exports have been fairly stable, since the high increase in demand earlier this month for an early winter contract. When Russia refuses to 'restrictions on Russian oil prices', and OPEC starts to 'reduce oil exports', that's we can see prices will tend to be bullish.
Between the lower red line and the lower main channel line is an entire area that's a buy zone. That's why I paint the entire area green on my charts. You look for bullish candlesticks in that entire range to go long. Just have to keep in mind that odds are lower for counter-channel moves (i.e. the channel is bearish so bears are more likely to win than bulls).
DNP-FX
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@kosai19, that's right pal. Thanks for adding the clear technical explanation. closing candle today is in a very good position to buy or sell, very close to the red trendline that determines directional fluctuations. with disciplined entry and exit can be very profitable with a risk reward ratio of more than 1:2