JICPT|Crude oil bullish setup with Demand zone & fib structure
Hello everyone. Crude oil has taken out trouble zones formed 3 years ago and maintain bullish momentum to the upside amid new that OPEC+ stick to original daily output increase plan of 400K.
Obviously, the plan couldn't meet the surging demand. Price tends to go higher with the undersupplied situation. So, on the news side, bullish for the black gold.
As I mentioned above, the bearish structure has been taken out. However, the sweet spot entry zone on the daily is way down. So I have to zoom in and look for bullish long opportunities on smaller timeframes.
On the 4H chart, I identified a confluence trading zone with solid demand zone, key fib retracement and long-term MA. I already set alerts before it reaches the zone(75.90-75.40).
What do you think? Give me a like if you're with me. Thank you for your support.
Obviously, the plan couldn't meet the surging demand. Price tends to go higher with the undersupplied situation. So, on the news side, bullish for the black gold.
As I mentioned above, the bearish structure has been taken out. However, the sweet spot entry zone on the daily is way down. So I have to zoom in and look for bullish long opportunities on smaller timeframes.
On the 4H chart, I identified a confluence trading zone with solid demand zone, key fib retracement and long-term MA. I already set alerts before it reaches the zone(75.90-75.40).
What do you think? Give me a like if you're with me. Thank you for your support.
Comment:
The zone didn't work at all. Price halted before going down to completely penetrate the zone. Below chart is the 15m timeframe.
Comment:
It's a very nice reversal pattern formed on 15m after the 4H demand zone got slightly violated.
Comment:
Crude oil went all the way back to previous high and surpassed it. Trend continues.
plan your trade and trade your plan
