US OIL forms Bullish Gartley pattern, good to buy on dips
Harmonic pattern formed- Bullish Gartley pattern
Potential Reversal Zone (PRZ) -$51
US Oil has formed bullish Gartley pattern in the four hour chart. It is currently trading around $52.15.
On the lower side, $51 will be acting as major support and any violation below will drag the oil down till $49.98/$48.75 (61.8% retracement of $44.81 and $55.21).
The major resistance is around 52.89 (89- 4H EMA) and any break above will take the pair to next level till $53.13/$54.29.
It is good to buy on dips around $51 with SL around $49.95 for the TP of $52.85/$53.13.
Potential Reversal Zone (PRZ) -$51
US Oil has formed bullish Gartley pattern in the four hour chart. It is currently trading around $52.15.
On the lower side, $51 will be acting as major support and any violation below will drag the oil down till $49.98/$48.75 (61.8% retracement of $44.81 and $55.21).
The major resistance is around 52.89 (89- 4H EMA) and any break above will take the pair to next level till $53.13/$54.29.
It is good to buy on dips around $51 with SL around $49.95 for the TP of $52.85/$53.13.
