Crude oil might get back into the range

Crude oil might get back into the trading range, as the possibility of a false breakout is pretty high: markets rarely make big moves ahead of NFP report.

Now, the position of the price is below the massive triangular formation as well as below the intermediate-term low.

Oil is driven down, as well as DXY, by expectations of extreme dovishness of the Fed, which might not be the case: traders still weigh probabilities of two scenarios (one vs two-step declines) as equal.

For traders willing to take the risk, the current point represents an asymmetrical trading opportunity for a long position.

Always DYOR and manage your risk!