During their meeting on Wednesday, OPEC members agreed on a nominal 400,000 bpd production recovery in March.
This led to traders closing their long positions at yearly highs.
Consequently, a three-wave pattern was formed in the chart, where wave A represents the selling pressure in the market. This means that short positions can be opened up to the 50% and 61.8% retracement levels of $88 and $88.45. Stop loss could be set at $89.7, while profit can be taken after the breakdown of $86.2.
This plan is based on the "Price Action" and "Stop Hunting" strategies.
Good luck and have a nice day!
