mikebiz

Crude Oil setting up for consolidation before next run

TVC:USOIL   WTI Crude Oil
Since the end of September, crude oil             has been on a roller coaster ride with $6 - $10 price swings and not pausing to catch its breath. I think that this week may signal a new consolidation phase before the next leg up on an ascending triangle that's playing out on the weekly chart. If this plan is to come to past, the first milestone will be for daily price to find support at the 44             .8x level and with a pullback to 47.5x quickly ensuing (alt. could be the 45.7x level). A key indicator to watch at this time is the ADX as it's current trajectory could take it to 20 and/or below. A drop below 20 will be confirmation that a consolidation in price is happening.

Weekly chart's ADX has signaled price consolidation since July of this year (possibly as early as April             ). My plan is to watch this to breakout to the upside with an eventual target of $66 for USOil             .

snapshot
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out