Last week, US Crude Oil increased, despite our forecast in which we expected the price to drop, breaking the support area. In the coming days, we are expecting a new yearly top, but we won’t expect this move to gather enough momentum. Having said that, we will focus on the sell setups, as we need another drop in order to complete the consolidation pattern highlighted by the orange lines. Trade with care.
Best regards, Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
how do u know it is not enough momentum? just asking bro.
financialflagship
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@Albertus9216, Hello!😊 Based on the corrective pattern it is forming. We are in a middle of a B-wave structure, which is starting to move slow. This is a sign of price exhaustion and after we break the top, in order to complete the corrective pattern that we are developing right now, we will need another drop.
Albertus9216
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@financialflagship, thx for the reply brother. Definitely need more study and research on that. Im a beginner. Thanks once again.