Crude oil 4h time frame. formed an H&S. price consolidating at right shoulder forming a bull flag pattern, wait for breakout to downside and put stop above right shoulder targeting 53.92, 51.85. Reason: 1. confluence is that price reached at 50% and 61% fib level from head to right shoulder impulsive extension. 2. confluencce 4h time frame RSI is at extrem...
Crudeoil short term bullish if 54.58 taken out then 55.72 to 57.05 possible in three days. if 54.58 gets rejected then 50.66 downside possible and continuously will be bearish till 42 again.
WTI crude oil will take a pause@ 54.59 to check resistance 57.87
Crude Oil next week scenario 60 possible if this trend continues
Short USOIL below $63 T1: $61 T2: $59 SL: $64.5
Crudeoil has been trading withing a parallel channel. please use this chart as a reference in addition to your analysis.
Greetings oil traders, As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y) Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y) and the initial move (X) has been stagnated for some time at the areas of 23.6%...