This is a simple analysis using basic patterns and , everything is pointing at oil has bottomed and could start a HUGE long term rally.
Looking at monthly chart we see a already triggered. Price reacted to the PRZ forming a or (ideal scenario)
There is also a strong level a S/R at that area (ideal scenario).
That would be enough, but if we want more proof we have this weekly chart:
- price broke strong level of S/R with a DECISIVE candle (ideal scenario)
- very clear candle (ideal scenario)
- price is testing that level and is bouncing form it (ideal scenario???-lets see next days)
I think the best way to take this trade us using INVESTING STYLE, as follows:
- we open a position at current price with no leverage or negative leverage
- if price makes new lows we ADD new positions
- repeat this process until prices rallies
This style is not for everyone off course but it is used by the big investors ("smart money")