Multi Timeframe Analysis
Hint: Look only for sell setups
US Oil bumps repeatedly at the ceiling of the Daily chart and the rejection is stalwart. Expect USOIL to drop to the 61.8% fibonacci retracement (67.38) at the very least before any potential continuation to the upside. This will allow a liquidity grab and balance the market.
📍Daily: 3 Bar Breakout , and breakout from previous high
-Building up for NR4/NR7
📍4HR: Ascending Triangle breakout and Rest
📍1hr: Buy breakout above the Bull Flag
📍We don't predict the market rather we follow the Foot prints it leaves behind
📍Risk management doesn't guarantee profitability but capital Reservation.
Weekly: Breakout from 3-4 Bar consolidation
Daily: Confirmed breakout with a follow through, price spike out of range followed my eat the tail.
1hr: Ascending triangle from Mini Range/Bull flag type of Formation, expect continuation possible ending with price spike.
Funda -"India reported an accelerated pace of increase in daily Covid infections, with the 7-day average hitting 124,757 on April 10th. India is the world’s third-largest oil importing country and it consumes nearly 10% of global crude oil exports. Therefore, worsening pandemic situations in the country may dampen the global oil demand outlook.
Oil is on an apparent downtrend and am looking at the levels of 47.70 as my target zone.
I will be entering this trade at market price, conditions and at bell.
It's a simple set up as shown on the screen. Let's see how things pan out in the coming weeks.
PSA: This is not trading advice; this is not a trading signal. This is my setup and any trader taking this...
The squeeze between the two trendlines makes me anticipate some bullish pressure. Big Guns are taking profits or initiating a new trend?
Based on past price, I'm expecting a retest of the highs.
A break or rejection of that supply level will determine how I place my positions.