Oil Lower High - Short Order
TP & RR: $51.05 (2.38)
Stop Loss: $54.60
REASONS FOR THE TRADE
Oil has entered into a bit of a range recently, but the formation of the lower high on Friday makes me think that we are about to see another lower high, which should then form a lower low. This is where we will be looking to take profit. The Stop Loss...
Vaccine Hope And Breaking Above 43.70 price Zone May Help WTI to Test 48.00 Price Zone. Immediate Support and Buy limit price zone identifying near the 41.65 price zone. stop-loss below 40.00 price zone.
Target 1: 43.00
Target 2: 48.00
As i mentioned yesterday in my signal and technical analysis, the market couldn't reach the 44.00 price point as there was a strong resistance that could reverse the market down for a while. As for today, the market is trying to get up but it has to cross the 41.69 resistance zone to confirm whether the market will go up again or not. We'll just wait and see what...
Pattern: Channel Up on 4H.
Signal: Bearish as the pattern made a Higher High just below the 1W Resistance. Also as per the previous symmetrical Channel Up after the Golden Cross a pull back below the 4H MA200 follows.
On 13 Sep 19, Market closed on $54.87 but Oil prices have spiked after a destructive attack on the Saudi Arabian oil production on weekend shocked markets and produced shortage in global supply of crude for some time.
Now we can see the price spiked more than 10% in a day after market opens and hits the 50SMA even the 100SMA on week chart.
At this point we also...