Pattern: Break out from 1D Channel Up. Signal: Bullish either at the top of the Channel's trend line or where the MA50/200 currently are. Target: 66.00 (below the 1W Resistance).
as long as I closed my short now looking for a long trade :) both bullish bat's and bullish butterfly's PRZ are same
WTIUSD SHORT BUY h1 frame crudeoilsetup easysetup trendlines tight stoploss
Pattern: Ascending Triangle on 4H. Signal: Bullish as it approaches both the Support and the MA200. Target: 61.90 (symmetry of Higher Highs).
Pattern: Channel Up on 1D. Signal: Bullish as the price hit the Higher Low. Target: 65.00 (median of the 1W Resistance Zone and a 16.60% extension from the Higher Low).
Here is an updated chart on crude oil showing the completion of an AB=CD harmonic pattern on the 1 hr chart. Price action has found support at the completion of the pattern (the redzone) and is also trading at a crucial Fibonacci level (.618). These are all bullish technicals which signaled us to average down our position and reassess our targets at the green...
Oil has hit a resistance at 63.77 but there's no certainity that we have a trend reversal just yet but i do believe we have very good shorting opportunities as i am short biased hence i won't be recommending any buy for now. You can short and TP at any point identified on the chart. My labelled zones are only a rough idea of where i think the market may touch....
We all know WTI oil is bullish. It has been so since the violent bottom last December. The question is where it is better to buy? Two scenarios: 1. The former Higher High Resistance (red line) has become a Support and the 1D Channel Up breaks aggressively upwards. So far it has provided support twice. 2. The 1D Channel Up pulls back and makes a Higher Low near...
Intraday target: $50.00 Long-term target: $43.00