Today, we will take a look at the big picture on USOIL + Multi timeframe analysis.
Weekly View: On April 2020, Crude Oil futures went into negative territory for the first time in history. With that movement, we have the last wave of this massive compressive pattern that has been in formation since 2008. On MARCH 2021, we observed the first breakout of the structure, and from there, we have been almost 3 months consolidating. Based on these technical items, we think that the next target for this movement is the resistance zone at 75 - 76. There we will be waiting for a reaction either above or below the level.
Daily View: Here, we can observe a more recent descending trendline that has been broken as well, providing the same logic as the Weekly chart. The price has been consolidating on a recent resistance zone, and our view is bullish towards the next zone, 75 - 76
4Hs View: This is the lower timeframe we work with when making Top and Bottom analyses. Here We can see the yellow main consolidation and the subsequent breakout. After that, we had a Secondary Consolidation which we think a breakout above that structure would be the final confirmation for the bullish hypothesis + it will also mean that a new local high has been made
Expected Duration of the movement: Based on the previous movements, we should be open at 100 - 200 days ascending move depending on how choppy the bullish movement is
Cancelation levels We will consider that the analysis is NOT CORRECT if the price goes below the main consolidation at 56.90
Weekly View: On April 2020, Crude Oil futures went into negative territory for the first time in history. With that movement, we have the last wave of this massive compressive pattern that has been in formation since 2008. On MARCH 2021, we observed the first breakout of the structure, and from there, we have been almost 3 months consolidating. Based on these technical items, we think that the next target for this movement is the resistance zone at 75 - 76. There we will be waiting for a reaction either above or below the level.
Daily View: Here, we can observe a more recent descending trendline that has been broken as well, providing the same logic as the Weekly chart. The price has been consolidating on a recent resistance zone, and our view is bullish towards the next zone, 75 - 76
4Hs View: This is the lower timeframe we work with when making Top and Bottom analyses. Here We can see the yellow main consolidation and the subsequent breakout. After that, we had a Secondary Consolidation which we think a breakout above that structure would be the final confirmation for the bullish hypothesis + it will also mean that a new local high has been made
Expected Duration of the movement: Based on the previous movements, we should be open at 100 - 200 days ascending move depending on how choppy the bullish movement is
Cancelation levels We will consider that the analysis is NOT CORRECT if the price goes below the main consolidation at 56.90