lewglasgow
Short

Crude Oil - Direction

FX:USOIL   Crude Oil (WTI)
594 5 48
9 months ago
Here we have USOIL             on a 4h chart which has taken the shape of an ascending triangle. Let's take a look at the Daily chart below which has the same structure, this provides a larger outlook on previous price movement.

snapshot


As you can see we are making another bullish move for our key resistance level, breaking this would potentially drive the price higher. If we fail to break resistance I can see price falling sharply breaking our triangle/trendline and continuing the move to the downside. I'm still in favour of going short on this pair as it correlates with my long term prediction!

What do you think? Leave your opinion below.
9 months ago
Comment: Broke resistance moving to the upside, long term prediction is still bearish.
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Lewis Glasgow, Creator of Six Figure Capital.
ChimbOt PRO
9 months ago
Probability says Ascending triangle breaks up, Measure the move :D
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lewglasgow PRO ChimbOt
9 months ago
Never even thought about the measurements lol! Seen it shaping up but it was more to highlight the key area of support and resistance. What's your take on the direction?
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Kram
9 months ago
tomorrow is the Crude Oil Inventories forcast is 3.500M to the previous 3.502M is a small bullish indicator, but lets see how big the difference in fact is
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lewglasgow PRO Kram
9 months ago
Yeah the chart you shared below is looking very promising, I'll be waiting for confirmation before making a move :) thanks for that!
Reply
Kram
9 months ago
wait for the breakout
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