Hi Fellow Realistic Traders. Here's my latest price action analysis on Oil!
The oil market has recently witnessed a significant head and shoulders pattern breakout, signaling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend. Further underscoring this trend, the Stochastic indicator revealed a bearish divergence, suggesting a potential sustained downward movement towards our target area.
It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.
Disclaimer: "Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on UKOIL."
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Breakout of Rising Wedge on H4 Timeframe, Indication of further bearish movement
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Breakout impulsively of the multiple rejection area, expect further downside movement
Trade closed: target reached
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Hit the first target, we expect a minor correction before continuing its downward movement