the 4 hour time frame for WTI is showing strong bearish momentum and when also taking in consideration that the price of oil on the daily time frame has broken through a support its highly likely that the 4 hour time frame will also break down further. My advice: Sell at current market price: Tp 45.60 > 43.80 SL 48.20
Potential Gartley Pattern - Awaiting a completion. Will update within the coming days.
If we get there, the ascending trendline on the daily chart would be an insanely good risk/reward buying opportunity. 47.54-ish. if we don't get there, too bad maybe next time. Friendly reminder to not chase.
A bearish bat pattern seems to be forming on Brent Crude Oil / USD on 1H TF. Pattern will be close to completion once point C is surpassed. 1.414 AB = CD lines up closely with 0.886 retracement of XA
WTI Crude Oil shows a breakout of the upper range on the 4 hour time frame. This can lead to a wave towards 50.30 before retracing a bit back down again. A few days ago I also published an idea on WTI Crude Oil at the Daily time frame which shows 52.50 as longer term target. Short term the 4 hour time frame is now atleast supporting a break of 50 and I am not...
a bullish gartley seems to be forming on Brent Crude Oil / USD on 1H TF. setup looks promising with a perfect AB=CD lining up close to the XA 0.786 retracement.
WTI is very close to the lower range. We might see oil still go a bit lower tomorow a the indicators also havent made a bullish cross-over yet. Entries: Buy a break of 49.60 and target 52+ Buy at CMP if your equity can handle the possible downwards movement thats left. Buy at the range. Stop-loss at 48.20
oil bulls failed to capitalize on the multiple closes above the rising trend line coming from 1998 low and 2009 low and a bullish break on the daily RSI... Prices are back below the rising trend line support, suggesting a sell-off is in the offing ahead. Also take note of the monthly 50-MA and 200-MA heading towards a bearish crossover. A drop to $46.85 (support...
Oil to the end of the week running run around 53-55
Description Inside
I see this pattern all the time, after an uptrend, what seems to be either a bullish flag or a H&S pattern forms. - After reaching a 52 week high of $53.74 crude oil has pulled back in consolidating fashion. - A head and shoulders pattern also has formed with the neckline at $52.66. - WTI broke that neckline today but on very low volume I believe this is...
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