Heard gas price were back on the rise across the country, so went to check out the USOIL chart, Started out on the daily with this one and notice a big divergence on the RSI and a descending triangle and double bottom had already broken out and on the retest. broke it down to 4hr to the bullish flag continuation Thats 3 patterns to confirm a long so far but where would you enter? Hit the 1hr chart and check out the double bottom forming in the base of the flag pattern. Put down a Fib Retracement and shows that the 38.2% level is the neckline of the possible double bottom. Currently holding under the 23.6%, but I see this one going to the top of the flag pattern and possibly higher if the patterns are correct. If you are feeling risky, now is a good entry for a possible bigger movement, but if you are a cautious trader I would wait for confirmation of this double bottom.
ALWAYS USE PROPER RISK MANAGEMENT THIS CHART IS VERY VOLATILE AND WILL BREAK YOUR HEART
PLEASE GIVE A LIKE AND FOLLOW FOR MORE IDEAS USING BASIC PRICE ACTION METHODS! DM ME IF YOU WOULD LIKE TO TAKE YOUR EDUCATION TO THE NEXT LEVEL WITH MY KEEP IT SIMPLE METHOD.
ALWAYS USE PROPER RISK MANAGEMENT THIS CHART IS VERY VOLATILE AND WILL BREAK YOUR HEART
PLEASE GIVE A LIKE AND FOLLOW FOR MORE IDEAS USING BASIC PRICE ACTION METHODS! DM ME IF YOU WOULD LIKE TO TAKE YOUR EDUCATION TO THE NEXT LEVEL WITH MY KEEP IT SIMPLE METHOD.