Analysis:
Daily chart – After an extensive downtrend, price goes into a descending wedge where it bottoms out at 0.97. This descending triangle lasted 1811 days before breaking out in Jan. 2021. Due to the length of time the price was in wedge, this break to the top is very significant. There is also a divergence between the Wedge's trendline and the MACD indicator's. The target price looks to be 12.00. I will look for entry in the 1hr chart
1hr chart – Price currently is in what seems to be a bull flag between 4.70 - 5.28 with support of the 50 ema. The price has not broken out of this range, but I will take a more aggressive entry and enter the trade now.
Entry: 5.18
Stop Loss: 4.52(-4.52%)
Target: 13.00(131.66%) Will also be trailing 50ema on 1hr chart
Oil is hot folks.
Daily chart – After an extensive downtrend, price goes into a descending wedge where it bottoms out at 0.97. This descending triangle lasted 1811 days before breaking out in Jan. 2021. Due to the length of time the price was in wedge, this break to the top is very significant. There is also a divergence between the Wedge's trendline and the MACD indicator's. The target price looks to be 12.00. I will look for entry in the 1hr chart
1hr chart – Price currently is in what seems to be a bull flag between 4.70 - 5.28 with support of the 50 ema. The price has not broken out of this range, but I will take a more aggressive entry and enter the trade now.
Entry: 5.18
Stop Loss: 4.52(-4.52%)
Target: 13.00(131.66%) Will also be trailing 50ema on 1hr chart
Oil is hot folks.
Trade closed: stop reached:
Stopped @ 4.52(-4.52%).
IF this jumps back above 4.73, THEN I will be buying back in.
IF this jumps back above 4.73, THEN I will be buying back in.