Based off this chart section Oil is bearish:
Price is near the trendline and resistance level which gives confirmation of a trend/pattern.
- Descending Triangle
- Price broke out below
- Lower Highs
- Candlestick Patterns
Price is near the trendline and resistance level which gives confirmation of a trend/pattern.
Comment:
Resistance was there - hope this analysis helped you see the market clearly or differently.
Trade closed: target reached
Trade active:
The lower rectangle area (grey zone) is the ideal entry for a LONG or BUY position. With reports about OIL prices rising in June, we might be lucky for that lower entry, if not then we can assume the current level is support. This is assumed do to the previous rejection on the candlestick near current price.
Price is respecting the trendline, dashed to show price has extended/contracted through, and should be viewed as a volatile area.
The lower rectangle area (grey zone) is the ideal entry for a LONG or BUY position. With reports about OIL prices rising in June, we might be lucky for that lower entry, if not then we can assume the current level is support. This is assumed do to the previous rejection on the candlestick near current price.
Price is respecting the trendline, dashed to show price has extended/contracted through, and should be viewed as a volatile area.
Price went under our resistance area - buyers came in and pushed price near our trendline - which here I want to see price continue respecting to confirm this short. Now we are just being patient letting the market move.
If you're looking at the lower indicator - it's showing price average - I don't rely on this but it makes seeing price easier for myself.