Considering the recent bullish momentum in the oil market, characterized by a clear market structure of establishing higher highs and higher lows while respecting to a short-term bullish channel, we anticipate that oil prices will rise from their current low, as depicted on the chart.
In addition to the bullish channel, there are other bullish indicators on the chart. Notably, the 1-hour 200EMA (Exponential Moving Average) has consistently provided strong support during this recent bullish phase. Every time the price has approached this EMA, it has turned upwards.
Furthermore, the current price level is situated within a 4-hour demand area, which further enhances the possibility of a bullish movement.
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In addition to the bullish channel, there are other bullish indicators on the chart. Notably, the 1-hour 200EMA (Exponential Moving Average) has consistently provided strong support during this recent bullish phase. Every time the price has approached this EMA, it has turned upwards.
Furthermore, the current price level is situated within a 4-hour demand area, which further enhances the possibility of a bullish movement.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Trade active:
Oil prices have absorbed liquidity from the previous short-term low and have reached both the 1-hour 200EMA and the lower boundary of the short-term bullish channel and failed to close below. Consequently, we have initiated a long position.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Trade closed: stop reached:
stop loss been triggered by the price
