Nicemate
Long

Crude Oil - Long term analysis on weekly

FX:USOIL   Crude Oil (WTI)
82 0 3
We don't know if last week's agreement on oil             prices signed by countries belonging to OPEC will be a "real effects" agreement, or not. If it were, it would be the main driver keeping oil             priced up. What is certain, is that on the daily timeframe TVC:USOIL             has broken it's corrective structure (flag) towards the upside, and heading towards it's 52.15 target, or further. Looking at the weekly timeframe , it becomes now quite clear that end of July's low of 39.17 is the right shoulder of a bigger bullish H&S pattern, with long term target in the $ 75 area.
Let's see if we can find a decent long entry point on lower timeframes with a decent R/R ratio. Updates will follow.
Comment: Another scenario is that, despite the upward impulsive movement of last week, Oil is still bound for a deeper downward correction through a longer term ABC movement visible in this chart, and with a "C" target in the $38 area, meaning that the right shoulder still needs to be met, in reality.

snapshot
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out