We experienced a choppy week in oil market. It rejects back from the resistance zone at Friday with close price much lower than the neck level.
It seems that a head and shoulder pattern was confirmed from daily chart . And a potential cypher and gartley pattern are forming. Target for this two harmonic pattern are extremely the same which forms a very strong potential reversal zone at 39.9~40.2.

Trading setup:
Open short at around 48.5~49 if it retests the neck level with SL at 49.8
TP1: 46.2
TP2: 44.7
TP3: 41.7
PRZ: 39.9~40.2

Break out of the rising channel will confirm the decline. I will add more positions when it confirmed.

As for time target of this correction you can refer to the analysis below.

Good luck for everyone!

Notes: I publish market outlooks for Oil , Gold , Silver , dxy , eurusd , etc. at weekend. Welcome to subscribe! And welcome to join the qq group 445211242 to discuss more.
Comment: Cool! Nice decline! TP1 touched.
Comment: Oil retraced from the decline channel and went back to the rising channel again. Watch for the resisatnce at 48.6~49!
Comment: Oil rejected back from the upper line of decline channel. Watch for the support at 47.9!
Comment: I will go long if it breaks out of the bearish channel!
Comment: Oil respects the channel very well. It rejects back from the decline channel.
Trade active: Opened new shorts when 45.9 was broken.
Comment: TP2 was hit again. It towards to the TP3. Just hold patiently.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out