🗓️ Date: 12 February, 2024
⏰ Timeframe: Daily
💡 Given in the chart –
♦️ Green (long-term support) = 67.50
♦️ Red (resistance) = 78.85
The price has been in the range (red color) on the chart since December last year. Price touched this range several times but failed to deliver a breakout. As long as this range remains active, the potential trend will be neutral.
✅ Those who like to trade in Crude Oil, please take a Buy position near the support level of the range and a Sell position near the resistance level. That is, the bounce trading strategy
✅ As long as the price is not able to break this range, you can accept entries according to this pattern.
🚫 Remember, while staying within the range, no Buy/Sell entry can be taken in intermediate positions. Either let the price approach the resistance level or the support level, then take a reversal entry.
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