Where are we going? You tell me :-D This market gives too many mixed signals. So this is more a chart for more insight of the big picture.
The august 2021 dip and bounce on the trend line ($61) is very bullish. But we are now heading for the resistance trend line . If we break that (close monthly candle above) we can reach +/-$103. If we also break that level who knows were it will go!
On the other hand there is risk we might drop down to the resistance trend line . So back to +/-$60/65. If we break that we can drop to test the 2008 downtrend line (+/-$49) or even further down to +/-$18.
Good luck and don't forget to zoom out from time to time.
The august 2021 dip and bounce on the trend line ($61) is very bullish. But we are now heading for the resistance trend line . If we break that (close monthly candle above) we can reach +/-$103. If we also break that level who knows were it will go!
On the other hand there is risk we might drop down to the resistance trend line . So back to +/-$60/65. If we break that we can drop to test the 2008 downtrend line (+/-$49) or even further down to +/-$18.
Good luck and don't forget to zoom out from time to time.
Comment:
It looks like we closed this month just above the trendline. This is a bullish signal. But please note that the lines are not drawn very precise. Since it is so narrow I recommend to draw your own trendline.
Comment:
Trendlines holding well. Might go sideways for sometime.
Comment:
We broke the (double) trendline (around $103). Tested downside trendline from 2020 low ($92). Just bounced at the trendline ($102.2). Ready to explode. $175.
Comment:
Crude hit the trendline. Long with a stoploss below the trendline.
Comment:
Looking good so far. Lets see if it can move to the trendline at 86$.