InvestingScope
Long

WTI Oil: Can it repeat this pattern?

TVC:USOIL   CFDs on WTI Crude Oil
Oil has been trading within a 1D Channel Up ( RSI @ 56.792, MACD @ 1.060, Highs/Lows @ 0.0000). It is currently on the inner support zone and may rebound although the technical Higher Low extension is seen lower. As seen on the chart it has been repeating a very specific pattern where a 4H Channel Up is followed by a longer but less aggressive pull back. The price is currently on this pull back phase where it may rebound now back to 60.00 before a new drop within 57.50 - 58.00 for the Higher Low. We are buying both of these lows with TP = 63.00 (Higher High based on the H/H minimum difference).







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Comments and likes are greatly appreciated.
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Oil looks a wee bit parabolic.
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@veryevilone, Thanks for sharing. Indeed it does.
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Have same chart in my private posts, you should look at NZD/JPY on 4HR view, same channel/pattern there, been trading that the past week.
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@Dani0, Good to have the same perspective on this.
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