Hellow traders!
Everyone is worried about the global Oil price Hikes, we can see price hikes on daily basis. The price is not only rising up in non-OPEC countries but we can see very high rates also in oil-producing countries.
Looks like there is nothing to worry more about Oil price Hike as we can see in the chart that it will dive quicker than its previous rise.
The chart formed expanding triangle pattern after the breakout of the trendline. Normally it was supposed to drop from 66$ but because Oil-producing countries wanted to hike the price to cover their pandemic losses so they kept pushing up. That's why we can also see some abnormal behavior in the chart.
The breakout from the top trendline of expanding pattern is called a death point because after that we will see the change in the trend and the change has started.
Now let's talk about the target.
The price at 28.7 is the price where it's compulsory for the market to hit that price. It can't go anywhere without touching that point because it's an untested point and looks like formation is also completed and it is ready to touch 28.7$.
Don't forget to hit the like button and follow to stay connected
Everyone is worried about the global Oil price Hikes, we can see price hikes on daily basis. The price is not only rising up in non-OPEC countries but we can see very high rates also in oil-producing countries.
Looks like there is nothing to worry more about Oil price Hike as we can see in the chart that it will dive quicker than its previous rise.
The chart formed expanding triangle pattern after the breakout of the trendline. Normally it was supposed to drop from 66$ but because Oil-producing countries wanted to hike the price to cover their pandemic losses so they kept pushing up. That's why we can also see some abnormal behavior in the chart.
The breakout from the top trendline of expanding pattern is called a death point because after that we will see the change in the trend and the change has started.
Now let's talk about the target.
The price at 28.7 is the price where it's compulsory for the market to hit that price. It can't go anywhere without touching that point because it's an untested point and looks like formation is also completed and it is ready to touch 28.7$.
Don't forget to hit the like button and follow to stay connected