Crude Oil buy setup - Excellent risk rewardBuy USOIL between 58.7 & 57.50
T1: 63.30
T2: 65.80
T3: 69.00
T4: 72.60
SL: 53.80
Crude Oil
Crude Oil Possible Downtrend in Progress !!TREND ANALYSIS
Trade Setup
Follow Chart Instruction.
Do not be Hurry for entry.
Wait for Proper Entry Setup.
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Educational Chart Only.
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R:R is 1:10++
MCX Crude Oil For Indian Commodity Market.
So be Caution On long buildup in Crude Oil.
expecting a downfall in crude on positional basisTouched the upper range of triangle as per chart , not showing strength , making an inverted hammer right on trendline resistance , expecting good downfall .
CRUDE, XABCD Bearish Pattern, Position: ShortOn technical hand, Crude oil has formed a XABCD pattern, which gives strong trend reversal signal.
The target would be as follows (shown by green dotted lines):
T1: 55.29
T2: 53.62
T3: 52.93
T4: 51.73
Stop loss (shown by red dotted line): 56.67
On a daily time frame frame as well, crude oil has a pennant formation, which can break at a downside.
Crude oil 4h, There are scenarios. scenarios.
1. we got an H&S and it's brokeout too
2. a pennant that looks like it broke out too.
3. there's a double top
4. there's a 50% fib level retracement
5. overall retail market views is bearish.
price 51.73 and 60.70 is an either side negotiable deal.
conclusion: views is bearish technical is bullish. waiting for a strong breakout to either side so that we can make nice decision.
Crudeoil day chart view:)Like and follow ideas for more updates
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Crude oil 4h, this is a clean pattern. read discription I'm seeing an inverse hidden H&S and a pennant or falling wedge type pattern and they both are bullish. interesting to see if it does work out.. I'll keep it watching closely.
Reason and confluences:
this graph is experimental.
Will crude oil hit the level of 56 or break the level of 53CrudeOil Analysis based on trend analysis.
Trend
After the fall from the level of 59, seems to have some bounce from the low level of 51. Now the trend is not bullish nor strong bearish based on the current level of holding.
Analysis
On my analysis, may have good entry at the lower level of 54 with the SL of 52.50 and the target of 56 to 56.50 level. But if breaks the support of 53, then it will leads to continue the bearish mode. Need to watch for the entry for long.
Note
Safe traders - better to avoid the risk until the trend get the clear view. Risk traders - avoid to take huge quantities.
Regards
Manikkam
Crude oil V4h. we're getting double bottom here.price gap between 54 and 51 is crucial.. reversal may happen and if double bottom rejects then strong bearish till 42.
keeping in mind Crude oil dropping from 60.70 and the previews H&S has been completed.
