A quick chart update here after reaching the 4th wave targets in a retrace;
Buyers now have a definite advantage going into OPEC; an extension of the cuts will be enough to open the position towards $50. But the advantage is only tiny, as we are back at the previous breakdown from...
Crude Oil is still looking bullish on higher timeframes before a major resistance ahead.
The indicators are showing buy signals on the daily timeframes and 3 days chart.
If you are interested to test some amazing BUY and SELL INDICATORS, which give the signal at the beginning of the candle, not at the end of it, just leave me a message.
The relative high post-COVID SZN (Defined by March 20th to the present time) can now be played as a LONG...
The support @ 40 is much stronger than in previous runs, and perhaps the manipulation of trends by heavy day trading has now promoted the buy points.
Note: That is pure speculation. But isn't everything?
Good luck out in this jungle.
USOIL on the weekly chart is moving inside a huge descending channel.
The price after hitting the 43 area got rejected until the weekly support structure.
On the daily chart, the price was moving inside an ascending channel but couldn't break the weekly descending trendline.
IF the price will manage to break above the daily resistance at 39.30 and consequently...
ive been long crude from 34.49, looking for 38.50 as possible upside, ive been trailing stops making this a risk free trade will continue adding on small time frames when market allows until my bias changes or market conditions present a large retrace to come.