Crude oil making a bearish pattern and still showing the sign of bullishness. Fight between Bull and Bears for the trend to continue. Which way will It go?
Crude respects the levels we analyzed In early posts, shows a good move over the period. The up-trend move after the breakout of the price mark of $87.894, was slowed down after the price tried to breach the overhead resistances of $90 that we suspected to be a major resistance zone. But moreover, there was a diversion which you can see in the picture created on 27/10/22 ( Diversion was found with the help of an indicator known as RSI).
When we see in the 1H chart, the price is showing bullish movement by making pin bars which can mean buyers are getting active around the $87.89 Price mark. But the price will be concerned bullish only when the price sustains above the $90 zone then we can say the view of the counter is bullish and look for buy on dips.
But on another side of the coin, you can see a bearish Head And Shoulder pattern and if the pattern is triggered then I believe Crude can be seen trading in the $83-$84 range shortly, and the view can be changed to sell on really. Until then you need to decide the strategy technics for trading this counter this is my view on the counter until I see the price breaching my analyzed levels
Crude respects the levels we analyzed In early posts, shows a good move over the period. The up-trend move after the breakout of the price mark of $87.894, was slowed down after the price tried to breach the overhead resistances of $90 that we suspected to be a major resistance zone. But moreover, there was a diversion which you can see in the picture created on 27/10/22 ( Diversion was found with the help of an indicator known as RSI).
When we see in the 1H chart, the price is showing bullish movement by making pin bars which can mean buyers are getting active around the $87.89 Price mark. But the price will be concerned bullish only when the price sustains above the $90 zone then we can say the view of the counter is bullish and look for buy on dips.
But on another side of the coin, you can see a bearish Head And Shoulder pattern and if the pattern is triggered then I believe Crude can be seen trading in the $83-$84 range shortly, and the view can be changed to sell on really. Until then you need to decide the strategy technics for trading this counter this is my view on the counter until I see the price breaching my analyzed levels