[Oil Breaks $100 Again] Chartinfo's Spot-On Scenario and Future Trading Strategies
Hello! This is WBT from the Chartinfo team. Recently, crude oil ($CL) prices have broken above $100 again, showing strong upward momentum. As an extension of our previous post, today we will review the recent flow of oil prices and check the trading scenarios we should prepare for moving forward. Reviewing Previous Analysis: $95 Support and the $79 Bottom In our previous analysis, after predicting a drop from $117, we checked whether the $95 key price level would hold as support. We expected that if this support broke, a bigger drop would occur, forming a bottom around $78. In reality, oil formed a bottom at $79 and then bounced back up to around $95. Eventually, this key price level was broken, and oil has once again reclaimed $100. Sharp Insight: What Skipping the Retest Means The key point to note here is this. Oil went straight up without retesting the bottom of the channel, which was the $77 to $78 zone. Watching this flow, I had a strong suspicion. I thought that if buying pressu...