Here we have a Wolfe Wave for Crude Oil, CL1!. Price broke the 1-3 trend line but did not quite reach 5'. Therefore, we look at the 1-4 line as a target. The arrow pointing to the 1-4 line does not signify the path price will be taking. It is simply a visual tool.
I should also mention, I do not have a stake in Crude Oil. I am comparing the movement of this...
There is strong resistance around price level 58.
Where was strong volume cluster and nice accumulation followed with nice move down.
Potential profit is around price level 56 to the next volume cluster.
Hi friends! Welcome to this analysis on the oil market, via the Light Crude Oil Futures weekly chart. Let's get right to it! Looking here on the weekly chart, we can clearly see that oil is in a huge falling wedge formation (in black.) Price is currently being suppressed by a falling trendline resistance level (in blue,) as it converges with the 50 week moving...
Descending Triangles, Triangles, Ascending Triangle and Ranges are repeatable trading chart patterns.
Triangles and ranges are consolidation chart patterns that can breakout either direction.
Ascending and descending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the...
5 year up trending channel with the current downtrend , which is going to be a fake breakout.
We'll see crude breakout passed the SMA 200 by 10/18, then the following week will be a drop back into the short term downtrend. Then crude will breakout where the short term down channel and long up channel meet, which creates a nice wedge.