Due to Ukraine-Russian war,
OIL_BRENT
price was sharply accelerated But from Jun 2022 , price was making lower lows after unable to close the high and defeated.
So how far it can go, for that we need to understand price action in higher time frame.
Weekly TF (higher Timeframe) :
After Pandemic deep , Price clearly making higher- highs and also bounced from taking support of dynamic trend line. At the end of the week , Price may get support from the same dynamic line but still we didn't get confirmation whether it will continue the trend or it is a reversal?
That visibility is available in daily TF.
Daily TF :
After knowing from the higher TF (Weekly), we get a initial idea how's the price was reacted from dynamic trend line and also it is making falling wedge with structure of LH -LL.
There are two possibility we can get over here :
1. Either this bounced from the trend line will sustains and price will break this wedge structure and makes Higher - highs. (P -1)
2. Price will again reject from the mention levels and following the trend. (P -2)
In Conclusion , My observation still at the down side because there is no clear direction of structure breakout or change in price-action that supports any bullish price action.
Buyers can wait till price comes at demand zone or you can follow the price action.
Sellers can get opportunity when price reject from above mention levels and clear confirmation in terms of the volume and momentum.
If you have a different opinion, please share your thoughts in the comment section. If you like my ideas, please show some appreciation with a like and follow me for more such trade ideas. Happy and safe trading! :)
OIL_BRENT
price was sharply accelerated But from Jun 2022 , price was making lower lows after unable to close the high and defeated. So how far it can go, for that we need to understand price action in higher time frame.
Weekly TF (higher Timeframe) :
After Pandemic deep , Price clearly making higher- highs and also bounced from taking support of dynamic trend line. At the end of the week , Price may get support from the same dynamic line but still we didn't get confirmation whether it will continue the trend or it is a reversal?
That visibility is available in daily TF.
Daily TF :
After knowing from the higher TF (Weekly), we get a initial idea how's the price was reacted from dynamic trend line and also it is making falling wedge with structure of LH -LL.
There are two possibility we can get over here :
1. Either this bounced from the trend line will sustains and price will break this wedge structure and makes Higher - highs. (P -1)
2. Price will again reject from the mention levels and following the trend. (P -2)
In Conclusion , My observation still at the down side because there is no clear direction of structure breakout or change in price-action that supports any bullish price action.
Buyers can wait till price comes at demand zone or you can follow the price action.
Sellers can get opportunity when price reject from above mention levels and clear confirmation in terms of the volume and momentum.
If you have a different opinion, please share your thoughts in the comment section. If you like my ideas, please show some appreciation with a like and follow me for more such trade ideas. Happy and safe trading! :)
Comment:
Trendline Broken : next target 79 - 82
