We can observe a clear and classical WEDGE
formation. This formation is generally quite reliable in predicting a trend change. This pattern is NOT a TRIANGLE or PENNANT
, which could herald continuation of the bull market ahead, but it is a clear wedge
formation. At this point I don't have any firm ideas up to which point the Oil
price will trace back but 32, 30, 27 dollar ranges have support levels. I expect starting mid next week to have some interesting moves at USDCAD
, EURUSD GBPUSD
pairs. Keep your eyes open for these. Good Trades.