After so many recent facts occured regarding the crude oil and energy sector generally it wouldn't be possible to analyze it correctly in one article and that's why i am not going to talk about the changes on ''fundamentals'' of Crude Oil,if you can call them this way. So i will exclude the decision of president Trump to cancel the Paris climate agreement,the tension between the Qatar and nearby countries and the enlargement of O.P.E.C agreement and many others factS and I will focus on the chart as technical analyst listening only the price. TECHNICALLY OBSERVATIONS: 1.Price moved below 200EMA. 2.200EMA started to sloping downwards. 3.We can notice 2 channels the mid-term descending channel and the short-term ascending channel. 4.We are about to have a bullish Bat pattern. 5.We have a bullish RSI divergence. 6.Stochastics are in oversold area. 7.We have a strong support at these levels as price had bounced back from these levels at the past. 8.If we take the Fibonacci extensions of the two legs AB and BCwe can see that it perfectly coincides with the support area. 9.Everytime we bounved back from these levels we had a strong green candle.This time we can see a weak price action and two doji candles if today price close at these levels which is a bearish continuation formation that's why i believe we are going to see a litle further downward move to Bat pattern completion before we bounce back. 10.Also if price retrace to those levels we have a re-test of bottom trend line of the short-term descending channel. POSSIBLE TRADE: PLACE PENDING ORDER AT BAT PATTERN COMPLETION 43.35$ FIRST TARGET T1 AT 47.50$ WITH P/L RATIO 2.15 SECOND TARGET AT 50$ WITH P/L RATIO 3.50 STOP LOSS AT 41.60 THANK YOU FOR SUPPORT! HAPPY TRADING!
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Keep in mind there is possibility to find resistance into this trendline we are seeing and then retrace back to support level. invst.ly/43fyg
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As i said earlier at my comment we did found resistance and the Bat pattern seems more than possible.
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Still nice price action as expected.Let's see..
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Price action as expected if you look at the article analysis and comments. Now we can activate the trade with very nice profit/loss ratio and with confirmations on higher time frames.
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Excellent price action..Crude Oil speaks i listen..
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More profits on that thesis..
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Almost T1 reached some more profits to come..Keep supporting...