Following a false breakdown of the yearly low and buying pressure related to Saudi Arabia's reluctance to increase oil production, oil quotes bounced back, but then corrected after news emerged of a possible price caps.
This creates favorable conditions for long positions, especially since quotes have returned to the 38.2% retracement level. In this situation, stop loss should be placed at $ 75.
This trading idea is based on the "Price Action" and "Stop Hunting" methods.
Good luck and have a nice day! Don't forget to control the risks.
