Crude Oil || BREAKOUT FROM TRIANGLE PATTERN
Chart Analysis: Crude Oil (1-Hour Timeframe)
Pattern: A symmetrical triangle pattern is forming, signaling potential consolidation before a breakout.
The price is approaching the apex of the triangle, indicating that a breakout could occur soon.
Key Levels:
Support: Around 5,821 (Fibonacci 0.236 level).
Resistance: At 5,927 (Fibonacci 0.618 level) and 6,034 (Fibonacci 1.0 level).
The 55 EMA (5,874) is acting as dynamic resistance.
Long Trade (Bullish Breakout):
Entry: Above 5,895 (triangle breakout)
Target 1: 5,927
Target 2: 6,034
Stop Loss: 5% - 10%
Short Trade (Bearish Breakdown):
Entry: Below 5,821 (triangle breakdown).
Target: 5,750
Stop Loss: Above 5,862
Pattern: A symmetrical triangle pattern is forming, signaling potential consolidation before a breakout.
The price is approaching the apex of the triangle, indicating that a breakout could occur soon.
Key Levels:
Support: Around 5,821 (Fibonacci 0.236 level).
Resistance: At 5,927 (Fibonacci 0.618 level) and 6,034 (Fibonacci 1.0 level).
The 55 EMA (5,874) is acting as dynamic resistance.
Long Trade (Bullish Breakout):
Entry: Above 5,895 (triangle breakout)
Target 1: 5,927
Target 2: 6,034
Stop Loss: 5% - 10%
Short Trade (Bearish Breakdown):
Entry: Below 5,821 (triangle breakdown).
Target: 5,750
Stop Loss: Above 5,862
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.