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Crude oil prices are searching for a breakout direction amid fluctuations!
From the daily chart, continuous bullish candles appear around 54.80, but the strength is not enough to form a true breakout, and the bulls and bears are still engaged in a tug-of-war. The key level to watch is 60.50—if it cannot break above this line, the overall market may continue to remain weak and volatile.
In the short term, the 1-hour chart shows a good performance, with the price staying close to the moving averages and approaching 60, while the MACD also begins to strengthen. There is a high possibility of continued rebound today.
The trading strategy can be as follows:
Focus mainly on long positions, paying attention to low opportunities around 59.00, with a stop-loss set at 58.30 for protection. The initial upside target is near the resistance at 60.50.
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