In the Daily Time frame.
After testing the key (support and resistance) zone at 64.2 that started April 2019, Crude Oil has been rejected twice and now consolidating over the past weeks, also formed a triangle pattern with a resistance trend which started since June 2022. I think crude oil will break out of the triangle pattern and the resistance trend, then retest the zone in which the resistance trend now act as a support zone with the confluence of the key (support and resistance) zone at 64.2 to give a bullish momentum to head towards the recent resistance zone that started December 2022 around the 81.5
After the breakout of the triangle pattern and resistance zone, I would be buying after a retest at the confluence zone at 66.52, having my stop loss at 61.66 and my take profit at 81.31 .
After testing the key (support and resistance) zone at 64.2 that started April 2019, Crude Oil has been rejected twice and now consolidating over the past weeks, also formed a triangle pattern with a resistance trend which started since June 2022. I think crude oil will break out of the triangle pattern and the resistance trend, then retest the zone in which the resistance trend now act as a support zone with the confluence of the key (support and resistance) zone at 64.2 to give a bullish momentum to head towards the recent resistance zone that started December 2022 around the 81.5
After the breakout of the triangle pattern and resistance zone, I would be buying after a retest at the confluence zone at 66.52, having my stop loss at 61.66 and my take profit at 81.31 .
