Oil is right now stuck in a rising wedge. This wedge extends to its vertex at point 94.52 at around its rough date of December 12th. This where vertex converge on schematic drawing. I always to confirm my drawings which be subjective in nature with quantitative analyzing. For most wedge pattern this subjective can be confirm with more objective by using area of mathematics called Connectivity Prediction. There is online article in regarding to his model "Delphi: Geometry-based Connectivity Prediction in Triangle Mesh Compression". I have adapted a few paramaters at this model to make it be more appliable to market analasis.
You can seen the wedge trend generally is follow rules of a wedge. at wedge support RSI is under 50 to oversold and at wedge resistance RSI is more then 50 to overbought. This is also confirm on other indicators.
You can see on chart I buy at 76 and I have added at to my position when price gos down to support. I did exit premature at one point and missed out some profit, but I quickly re-enter.
Let's see how or if this works out for us.
thank you for reading and following your Miss Bunny.
Please spread kindness and love. It feels good and makes our world better.
Miss Bunny
You can seen the wedge trend generally is follow rules of a wedge. at wedge support RSI is under 50 to oversold and at wedge resistance RSI is more then 50 to overbought. This is also confirm on other indicators.
You can see on chart I buy at 76 and I have added at to my position when price gos down to support. I did exit premature at one point and missed out some profit, but I quickly re-enter.
Let's see how or if this works out for us.
thank you for reading and following your Miss Bunny.
Please spread kindness and love. It feels good and makes our world better.
Miss Bunny
Comment:
We still be in this trade. Our stop almost hit many time but still live. We also make good money on up and down wild swings by adding and the exit position.
