OIL has recovered from the dramatic events of the previous months with -40 dollar per oil contract.
Now, following the dollar demise, oil, that has a negative correlation with the dollar index has been on the rise.
The last month or so have been spent in a range below the strong resistance level in the red, that seems to mirror the current support level in...
DISCLAIMER:
My analysis is just a trading idea! As a trader you should consider your own risk:reward ratio and do proper lot sizing according to your margin and leverage level.
Good Luck!
Seems like Oil is keeping in the channel.
Will wait for rejection of the bottom and then continuation upward before I enter a long to the top of the channel.
This is a quick analysis and will have a more in-depth look later.
Please share with me your Ideas.
Keep in mind that a break and close of the 200EMA will also be in place.
Thanks
US OIL on the monthly chart has approached a very important level of a clear resistance zone.
On the weekly chart we can see that the market has been in a consolidation phase for the last few weeks.
What we could expect is to see the price retrace between the resistance zone and ema 21 before a break or possibly a clear break of the structure retest of it and...
Disclaimer : The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
Since collapse we have had a good recovery with a very strong impulse and the 3 day continues to shoot green.
Now we are zoomed in on 12 hour timeframe. After the strong impulse, price action has started to range into something similar to an ascending wedge creating a test at the recent top with a tight price consolidation.
These are the perfect kinds of moves...
Reason for Entry (R/R) :
Daily-Bullish
4H-Bullish
Confirmations: Break of 4H Resistance and Retest structure forming, 4H Fib rejection of 61.8%, 1H Structure being held @ 50% Fib Level, 15m HH and HL being formed. Buy Stop Set at 41.4 (Twin Trade 1:2, 1:3)
Outcome :
Feelings going into trade :
Confident in setup getting multi-timeframe confirmation....
I guess the correction has been completed around 40 -41 area. and continue upward aiming 44.6
Will start my entry when market open in the coming session.
Good Luck & happy trading.
