Bias: Bullish
Reasoning:
Demand zone respected – Price reacted strongly from the 62.00 – 62.20 support zone, forming a bullish rejection wick.
Liquidity sweep – The recent dip below support grabbed liquidity before reversing upward, signaling possible continuation.
Higher timeframe confluence – On the daily, crude oil remains in a broader accumulation phase with buyers stepping in at key support.
Risk-to-Reward setup – Entry near 62.70 – 62.90, targeting higher resistance zones, gives a favorable R:R.
Entry: 62.70 – 62.90
Stop Loss (SL): 62.00 (below liquidity sweep)
Target 1 (TP1): 64.08
Target 2 (TP2): 64.57
📈 Plan: Looking for price to push higher as long as it holds above 62.00 support.
Reasoning:
Demand zone respected – Price reacted strongly from the 62.00 – 62.20 support zone, forming a bullish rejection wick.
Liquidity sweep – The recent dip below support grabbed liquidity before reversing upward, signaling possible continuation.
Higher timeframe confluence – On the daily, crude oil remains in a broader accumulation phase with buyers stepping in at key support.
Risk-to-Reward setup – Entry near 62.70 – 62.90, targeting higher resistance zones, gives a favorable R:R.
Entry: 62.70 – 62.90
Stop Loss (SL): 62.00 (below liquidity sweep)
Target 1 (TP1): 64.08
Target 2 (TP2): 64.57
📈 Plan: Looking for price to push higher as long as it holds above 62.00 support.
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