Crude Oil Trading Journal Update Saturday, November 23, 2024 Good morning Investsocial friends and greetings. It seems that market liquidity entering the New York trading session is less attractive because its intensity is reduced when compared to the European trading session. It is likely that many market players have taken profit so that volatility in certain trading instruments does not fluctuate even though there is a release of high impact economic data. Okay, my journal update today wants to share an analysis of the Crude Oil commodity.
Crude Oil 
Crude oil price movements from the beginning of the week to the close of the market at the end of the week still tend to move up. This can be seen from the low prices of 66.60 on Monday and were able to reach high prices of 71.49 on Friday. Even for the close prices remained above the level of 71.00 per barrel. It seems that the tension between Russia and Ukraine is one of the things that boosted the price of crude oil. In addition, the projection of OPEC + production cuts for 2024 - 2025 also affects price movements. Overall, crude oil prices tend to be stable and are at equilibrium. If we pay attention, the prices that are moving up are basically in an upward correction phase in the midst of a bearish trend. It's just that the upward price correction that is currently running has passed the retracement limit at FR 50 - 69.72 and FR 61.8 - 70.46. The price increase was able to move higher to reach FR 78.6 - 71.51 and was also above the two Moving Average lines. The retracement should have been successfully completed so that the downward rally can resume but for now there is a possibility that the price tends to continue to move up. Suppose the price fails to return below the EMA 50 or FR 38.2 - 68.99. Looking at the Awesome Oscillator (AO) indicator which continues to show uptrend momentum seems to be more supportive of crude oil prices to maintain their upward rally. The volume histogram for this week has been able to consistently widen above level 0 or the positive area. Moreover, the histogram is still green which means that there will be no decline for the next price. On the other hand, the Stochastic indicator whose parameters have entered the overbought zone at level 90 - 80 can indicate a buy saturation point. However, as long as the parameters do not cross, the price will continue to try to continue to rise because the buy saturation point condition has not been confirmed valid. Setup entry position: With price movements that have failed to continue the downward rally due to always experiencing rejection around the EMA 50. So for trading options in the middle of a weakening bearish trend direction, you can place a BUY entry position when the price falls to reach FR 50 - 69.72. Target places take profit around FR 78.6 - 71.51 or higher at high prices 72.85 then for stop loss at FR 38.2 - 68.99. Confirmation awaits the Stochastic indicator parameters that may cross between level 50 to level 20. While for the AO indicator, keep the histogram volume above level 0 or the positive area. Thus the discussion of the journal update that I have delivered this morning. Hopefully we can all enjoy the time to rest while there is no trading activity in the market. Happy Weekend EVeryone
