crude oil bears will target 60 usd/bbl in april 2023

🔸Hello traders, today let's review the 4 hour chart for crude oil. Previously we were stuck in
trading range, locked between 73 usd and 81 usd, however recently the trading range broke
down and this exposed further downside below 70 usd / bbl.

🔸The active trading range is defined by 81 usd range highs and 73 usd range lows.
Bears pulled the price down recently due to US banking crisis woes.
It's still worth noting that this distribution fractal setup is continuation of the
prior downtrend, established in 2022.

🔸Recommended strategy for crude oil traders: bears should look for reversal trade
setup near mid range, which is 77.50 USD/bbl. Once we get a decent rejection, bears
should scale in on sell side, initially targeting 70 USD / bbl and subsequently a fresh
low at 60 USD/bbl. We can hit this level sometime in April/May 2023.

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