Pattern: 4H Rectangle (blue shape).
Signal: Bullish every time it hits the 1W Support Zone (1) or if 54.85 breaks (2).
Target: (1) = 54.80 (2) = 57.45.
*The break out from the 1D Lower High (dashed line) practically gives a bottom signal waving a medium term bullish reversal.
Pattern: Resistance/ Support trading based on Fibonacci levels.
Signal: Bullish as the price is near the 0.618 Fibonacci retracement level and the 50.40 - 51.25 1W Support Zone.
Target: 57.45 (the 0.382 Fibonacci level which may act as a Resistance).
I am not going to over analyze this. Just a little possibility that the pitch fan indicates.
As long as the median provides Support (which was converted from a Resistance on the previous bullish leg) the 70.00 medium term target is possible. These indicators show that under those circumstances another +11% bullish sequence is certainly possible.
I know it may...
wti is currently very overbought and I am looking for counter trend trades.
on 1H chart we see a formation of a descending triangle in an uptrend.
It is a very important reversal pattern and it is worth to focus your attention on it.
just wait and sell the breakout of the triangle's support.
your target will be...
We all know WTI oil is bullish. It has been so since the violent bottom last December. The question is where it is better to buy?
1. The former Higher High Resistance (red line) has become a Support and the 1D Channel Up breaks aggressively upwards. So far it has provided support twice.
2. The 1D Channel Up pulls back and makes a Higher Low near...
Pattern: Extended Bullish Megaphone on 1D that is posting a repetitive High Low candle sequence after each Channel Up.
Signal: Bullish but with a lower entry either at 56.00 or 54.50. Long term bullish break-out if the green line breaks (60.00 - 61.00).
Morning everyone! I hope you all are doing well. Following oil this week, we should continue to stay rangebound with the 50-EMA and the 200-EMA offering support/resistance. No news yet has triggered a push in either direction. Alarms have to been set to trigger at 55.20 and 57.10 to signal upward or downward momentum. If the market continues to stay range bound,...
USOIL (WTI) labeled in a corrective sequence in Minor 2 (green), which appears to unfold as a sharp correction.
A bearish impulse would be expected before WTI could bounce back.
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Many pips ahead!