Crude oil is rapidly approaching two major levels of interest. There is blood in the streets now and this is the time we look for opportunity. This is a risky play and will need expert risk management.
Two levels to watch. 1st is the key level at 48.13 which should stall price and allow it to consolidate some on this last leg of the drop before having the ability to drop further.
Next is 37.96 which should be the ultimate low if it can break through 48.13 we should slam into 40 & pierce it just crush all stops & margin call out any knife catchers and long bag holders and hit 37.96. Should this happen I would see that as a potential longer term bottom and end to this blood shed in crude.
Ultimate Low target 37.96 hit perfectly as expected now recoiling inside of the other major level on the way down 48.13. Hope everybody made a little money on this one;)
Kazonomics
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We are now back at 48.13 price can stall on this key level after such a violent short squeeze
AMBRISH
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GREAT ANALYSIS.
PKA
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What's your PT?
Kazonomics
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Oil can reach the 65 area if the low continues to hold the collapse
Sonic_scheme
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what's your timeframe for PT of 65?
zhipengcfel
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It is a great analysis. But I just wonder how to draw the gan fans. Your two 1/1 angle Gan fans are not perpendicular.
Kazonomics
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No they are not perpendicular and there is no rule that says that they must be. I use Gann in my own way most do not I call this Prism Analysis. Experiment with Gann you will see some amazing things in your charts;)
zhipengcfel
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The angle will change with the time period you are using. It is usually too flexible to draw Gann fans. Is there any rule for this? For example are the 1/1 line should definitely 45 degree on the chart?
zhipengcfel
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Thank you. I have another question. Is the histogram on the right VPVR indicator? It will be helpful to determine the support and resistance level. Why I did not find it on the indicator list?