Crude Oil False Break Setup, NZDUSD Trade Update | Jun 3rd

crude oil

Crude Oil – Still Bullish Bias, Daily 20 ema Rejection
Forming a series of higher lows on the daily charts while holding the upside 104.50/105 resistance, the commodity pulled back to the dynamic support and daily 20 ema, forming an intra-day rejection. Looking at the 4hr chart below, notice how the last bear leg ended with a strong bear close, but was immediately followed by buying pressure.

The support level around 102.60 was ‘recovered‘, suggesting a potential false break.

Our Trade Idea: Look for a corrective pullback into 102.55/30 area to get long from the potential false break setup and move higher. Stops will be below the daily lows, while upside targets will be 104.25 and potentially tagging …

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