Oil looks good for a temporary respite on the march to close the gap at 41. We now have a nice strong divergence on the hour chart at the top of the rising wedge channel, we can probably expect a pull back to test either of the green support lines and possibly a test break of the rising wedge.
Stop just above the hourly divergence, profits to be taken at each...
Pattern: Triangle within a Channel Up.
Signal: (A) Bullish as long as the inner Higher Low trend-line holds, (B) Bearish if the Channel Up breaks downwards (RSI on a bearish divergence).
Target: (A) 37.00 (just below the March 10 High), (B) 26.00 (just above the Symmetrical Support).
** Please support this idea with your likes and comments, it is the best way...
If MA 200 (1H UNIT) breaks and oil goes above it, strong buy signal with target 41$. But my privileged scenario is that MA 200 will resist and send oil down to 28.9$ then 27.5$.
Hey guys!
We had big move to the upside, however, it is going to create corrective structure. Expecting $8-10 price drop before we take another long shot.
Hope you benefited trading both side.
It's not a trading call just an idea how the market would move.
Ty
this will drop. long term it will drop. phase 2 will ensure this. I would buy as low as possible. to risky to buy during a pandemic. Until there is a Vaccine i will short on price rise. Thanks mates and enjoy and like and feel free to leave a comment.
After the historical sell off that we have recently seen in oil last month it is normal to see a quick price recovery back to normal levels. It has been in a downtrend since the start of the year, and now some country's and states are slowly easing lockdown restrictions which will start to see a demand for crude again, Although all storage spaces are full Opec are...
Pattern: Channel Up on 4H.
Signal: Bullish as long as the (dashed) Channel Up holds. If not the next buy candidate is the Symmetrical Support.
Target: 29.20 (Resistance). If broken then 35.00 (Higher High of the Channel Up). If the Symmetrical Support breaks then 10.20 (Hard Support).
** Please support this idea with your likes and comments, it is the best...
HELLO EVERYONE, FEEL FREE TO LIKE AND FOLLOW IF YOU LIKE MY IDEAS!
First of, H1 Time frame, shows a recent bearish double top pattern that lead to a sell off to the nearest support level @ 25.00. This is followed by a SHARP REJECTION at the resistance line @ 27.70, proving to be a tough barrier to break through.
WTI is now fighting in the 25.00 - 26.00...
