__SpecialFX__

Pullback Potential Area in Oil

FX:USOIL   Crude Oil (WTI)
259 1 5
Oil             has been trading in a nice 1H Channel down for the week.

The chart show potential for a wave count that calls for a completion in the 26 area From the spike high in the last week of Jan. Normally would like to see a higher high to confirm a reversal. But watching this area carefully.

A breach above 1H highs at 27.43 would add some conviction to the count, but more importantly an upside break of the 1H channel will confirm that this structure has completed.

An Upside move can target a retest of the longer term daily down trendline in around 31.
Comment: Perfect test of the longer term daily down trendline at 31.

Short setup now posted, please see related ideas.
Exelent again Sir.Thanks for share.
+1 Reply
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out