On dailychart, Pinbar candlestick forming (at the time of writing) at the the internal trendline, as well as the steeper trendline, showing a potential reaction to these lines, a potential reversal signal.
A reversal could be taking place, heading to Target 1 around $71.5, but the gain could be limited due to the Ascending Wedge chart pattern.
On the contrary, if price break Support 1, means the oil is slated to head south to Support 2, at around $60.
Short term: Long
Medium term: Short on strength
A reversal could be taking place, heading to Target 1 around $71.5, but the gain could be limited due to the Ascending Wedge chart pattern.
On the contrary, if price break Support 1, means the oil is slated to head south to Support 2, at around $60.
Short term: Long
Medium term: Short on strength
Comment:
price has broken past the designated support. Potential to continue downwards secondary support 61.8 and primary support (support 2) of 59.19
Comment:
oil price has falsely broken support (June 6th candle) and has significantly rallied due to fundamental/economic issue but has reached short term target. Potential downward bias is now in place with recent news of Saudi to increase the oil production (increased production = lower oil price). Downward target is towards $72 (Target 1 - previous high) or if this level failed to hold, is heading to Support 1 (around $68 along the red line)
