Oil recently finished an AB=CD Pattern and now it has been struggling to close above 50$. There is also a rising wege that ends right at that price range. MACD and RSI are showing divergence as well. If we switch to a lower timeframe there is a double top that has already formed, giving us a opportunity for 2816 trade. A target would be anywhere between the 43$ and 40$ level, indicating a possible bullish three drives pattern. At the 40$ level there is a nice fib confluence, so I would be interested to buy if we bounce from there
Trade active:
2816 trade active.
We had a move down to the 1.618 inversion and now the wedge should act as resistance.
We had a move down to the 1.618 inversion and now the wedge should act as resistance.
Comment:
Five wave corrective bear flag forming. I expect the price to come down to the 47 level by Wednesday. If wave E completes and breaks the flag to the downside I will add to my position with a stop above the flag.
Comment:
Comment:
okay, so I started buying small positions arround the 45 level (3 positions so far). There is some MACD devergence already. My level of interest for a bigger position is 42.80 at the monthly R2. Let's see if price takes us there :)
Comment:
Added my to my position at 42.50. Once it makes a higher high on the 1H chart I will add some more. I think this is a good level to buy since rsi is oversold on the 4h chart and some divergence is forming on the hourly.
Trade safe.
Trade safe.