Hello everyone, if you like the idea, do not forget to support with a like and follow.
Oil is consolidating on 57$ to 61$ region for the last days, not much is happening but opportunity's are everywhere.
First of all what is consolidation ? Consolidation is generally market indecisiveness, which ends when the asset's price moves above or below the trading pattern.
A consolidation pattern could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders.
We can trade this region with a pretty simple plan.
A break and a candle close of the resistance will lead us to the upside target.
A break and a candle close of the support will lead us to the downside target.
Also trading within the range is possible by just longing the support and shorting the resistance.
Be on alert for important news about oil with the current world situation that can change the whole analysis with a sudden move.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)
Oil is consolidating on 57$ to 61$ region for the last days, not much is happening but opportunity's are everywhere.
First of all what is consolidation ? Consolidation is generally market indecisiveness, which ends when the asset's price moves above or below the trading pattern.
A consolidation pattern could be broken for several reasons, such as the release of materially important news or the triggering of a succession of limit orders.
We can trade this region with a pretty simple plan.
A break and a candle close of the resistance will lead us to the upside target.
A break and a candle close of the support will lead us to the downside target.
Also trading within the range is possible by just longing the support and shorting the resistance.
Be on alert for important news about oil with the current world situation that can change the whole analysis with a sudden move.
Thank you for reading my post, have a great day, wish you all the best !
Information provided is only educational and should not be used to take action in the market.
Feel free to ask anything in the comments :)