A 3-5% correction is likely in the next 5-10 days!
n these charts, you can see the most important support (green lines) and resistance (red lines) to watch in the coming days!
Multi-Timeframe Analysis:
Hourly Chart: Double Top (Bearish)
Daily Chart: Double Gravestone Doji and confirmation bearish candle at the upper border of the bullish channel (Bearish)
Weekly Chart: crossing above resistance level after 3 years (Bullish)
Monthly Chart: crossing above major resistance level 77 after 7 years. (Bullish)
Conclusion:
Short-term 3-5% correction is highly likely.
The long-term is still bullish unless the USOil price gets back below 77 and stays there.
Inverse Oil ETF SCO (2x) May provide a 5-10% gain opportunity in short term:
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor nor a certified financial analyst nor an economist nor a CPA nor an accountant nor a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
Multi-Timeframe Analysis:
Hourly Chart: Double Top (Bearish)
Daily Chart: Double Gravestone Doji and confirmation bearish candle at the upper border of the bullish channel (Bearish)
Weekly Chart: crossing above resistance level after 3 years (Bullish)
Monthly Chart: crossing above major resistance level 77 after 7 years. (Bullish)
Conclusion:
Short-term 3-5% correction is highly likely.
The long-term is still bullish unless the USOil price gets back below 77 and stays there.
Inverse Oil ETF SCO (2x) May provide a 5-10% gain opportunity in short term:
Best,
Moshkelgosha
DISCLAIMER
I’m not a certified financial planner/advisor nor a certified financial analyst nor an economist nor a CPA nor an accountant nor a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.