Oil at a crucial point.
Since the August 14th drop, things have not improved much.
On the 33 min, price is moving up in a steep rising wedge (normally a bearish pattern).
As price continues up it look for it to breach support and then fall towards the lower support channel on the 1D or around $64.00.
BEAR SetUP
A close under 64.00 can potentially send us to 62.00 and 60.00 if th 1D trend continues.
BULL SetUP
A bounce/spike from $64.00 or current price sends us to $67.00 then possibly 70.00 with enough momentum.
For now we watch and wait.
On the 33 min, price is moving up in a steep rising wedge (normally a bearish pattern).
As price continues up it look for it to breach support and then fall towards the lower support channel on the 1D or around $64.00.
BEAR SetUP
A close under 64.00 can potentially send us to 62.00 and 60.00 if th 1D trend continues.
BULL SetUP
A bounce/spike from $64.00 or current price sends us to $67.00 then possibly 70.00 with enough momentum.
For now we watch and wait.
Related publications
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.