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Good afternoon, dear traders!
Last night, an important event for the oil market took place.
On Thursday, US President Donald Trump claimed he had agreed with the leading oil producers, Russia and Saudi Arabia, to reduce production amid global coronavirus pandemic. Later, Riyadh called for an emergency meeting of the OPEC + members in order to reach a fair agreement on market balancing. As a result, oil prices jumped sharply.
Following the news, oil prices jumped by $6. But by the end of the day and in the early trade today, oil rolled back by almost half.
Here is an idea how the technical analysis can be applied amid the news within the framework of the ABC pattern:
The momentum is based on the about the negotiations. The first target - the top of wave "A" – can be reached within 3,000 points, and the potential is almost 5,000 points to the target formed on March 20.
If you trade on small time frames, I recommend that you pay attention to where the bulls may enter from a possible false breakthrough:
Successful trading and watch your risks!
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