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Crude Oil - Does the History repeats itself this time ?


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Recently, one of the interesting charts that I came across is that of Crude Oil. If youre paying attention to the Energy segment, its obvious to see Oil prices crashing from last couple of weeks because ofCoronavirus pandemic. If you place the Falling prices in the context of big picture, we can notice something significant is going on in Crude Oil. To get an idea of what I mean, take a look at thishigher time FramePrice Action Analysis.

Crude Oil Trading Near Historically Significant Support Zone

Crude Oil - Price Action Trading at Historical Support Zone

More volatility in the market means more trading opportunities; at least thats the case with Crude Oil. What you see above is the 1 month time frame chart of Crude Oil. Right now, prices are trading near the long-standing and historically significantsupport zone at 1800.

In the past, several times prices have bounced back and rallied higher from this level. All significant price crashes such as 2008 Global Financial Crises and 2013 US Shale Oil Supply glut etc. ended at the Support zone. Right now what we see is nothing but another price crash that started because of stagnating Economic growth and Coronavirus Pandemic.

Just like the past, Will the prices bounce back once again from the support zone? Or is it going to break the support zone and continue further to the downside? Will theHistory repeats itselforis it going to be differentthis time? In either case, whatever happens will be important to determine the direction of Oil Prices in coming months. Traders must closely observe thePrice Actionand should take trades according to the market behavior. Itll be interesting to watch Crude Oil in coming days.

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Balaji is a Trader, Investor and Self published Blogger. He wrties frequently on his website www.tradingcoach.co.in Balaji is specialised in applying systematic Price action trading strategies and Global Macro techniques on financial markets such as Equities, Dervatives, Futures and Bonds. He is well versed on both International and domestic markets and has trading experience of more than 8 years.  
 
As a trader his core purpose is to generate superior risk adjusted returns on consistent basis by applying Flexible risk managment combined with a Postive expectancy of Price action strategies. He writes passionately about Technical analysis, Trading strategies, Price Action setups and Global macro events. 
 
Apart from trading and Blogging, Balaji also mentors aspiring traders, Investors on becoming succesful in highly competative financial markets. He offers permium trading course on which he covers Price action trading methods, Institutional trading strategies and Macro trading.

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