Oil has been trading on a 4H Descending Triangle (RSI = 32.603, MACD = -0.400, Highs/Lows = -1.0093) with symmetrical Lower Highs (red arrows) and a clear 53.00 - 52.90 Support Zone. Since mid August every Golden Cross formation marked an upcoming Top (Lower High) while every Death Cross marked an upcoming Bottom (4H Support test).
The price just made contact with the 4H Support and technically is on the ideal buy level. Our TP is 55.10 (interim rejection point from last Support bounce) and under conditions 56.50 in extension (expected Lower High).
@Bullandbeartrading, Yes it has already hit the 1st target and moving on to the 2nd one.
UnknownUnicorn5176330
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WtiOil Rate At Swing Low In Progress higher Resistance 58.18 - 58.40 10 pip or 16 pip if Price is allowed to established these levels
I don`t for a minute consider Price will achieve further highs - Target Low 47.97
UnknownUnicorn5176330
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WtiOil Spot Price 56.22 – Resistance Level 60.78 – Commencing week 08 September 2019 Present High 60.78 looks like and should providing the resistance level to the Oil Rate - Still waiting at Downtrend Phase for next targets lower which is at 70% percent bar low on the monthly chart cycle lower – For Next test at Support Level –
We look at 40.46 as near term support level before or towards an increase at a high price phase. So stay tuned in to this frequency regarding current market updates.
Yes wait and see is what matters mostly when trading the demonstrable denoted indexes. So time and timing the markets to perfection is an all important aspect towards trading or Exchanging Contracts towards providing for good Outcome and Results through the monthly chart market cycles.
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