I found that forming triangle, and think we have a breakout soon.
The price is forming lower highs, but the lows stay on the same level. This tells us that the bears are not strong enough to push down the price. In fact, the bulls are fighting hard to hold that support.
Eventually, the price will break out. And since the bears are really strong, I think they will win this fight.
Good luck!
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Hey my dear followers, after a second look, I believe that oil will still breakout. BUT it will be a short breakout. Not a long.
As we see, the bulls already tried the breakout to the top, but it did not work. at all. So that shows that the bears are very strong right now. and I believe there are a lot of orders around the level of 48.40 down to 48.20 waiting to be executed.
So lets see if that is right.
Always trade with care!
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Allright. Here we go. What to say now? Seems the bulls are stronger and pushed that failout back, only to start rallying...
This is actually called a descending triangle and is considered bearish.
Here is a link that explains it all
investopedia.com/terms/d/descendingtriangle.asp Still great to know! Thanks for the update!
Evan_Moe_Money
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@alexrich700, Thanks for that article!
As I expect many people to know certain formations, I still like to explain what I do and what I see, just to proof my point =)
Also, this way I am giving everybody the chance to teach me better ;-)
And new traders to get to know good pages like investopia.
Here is a link that explains it all
investopedia.com/terms/d/descendingtriangle.asp
Still great to know! Thanks for the update!