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...
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any resistance like 56.5 on HTF is bright place to short , if anyone can maintain the short for next 4 month we can see oil well below $50 .
Will WTI travel on the road on Inventory?
Crude oil formed triangle pattern and it will move as per mentioned in the chart..
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.
We may get a double top before falling down bcos there will be a pullback to liquidate bearish momentum. Downside target 53.23 and 52. Reason: Confluence 1. Rsi fourth consecutive touch on the upper trendline suggesting a downfall. 2. price confirmation at 57.13 three falling methods and touched the upper trendline. 3. price reached at 0.618 and 0.50 fib level....
CrudeOil 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...
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.
SL 57.85 (As per you risk-reward) Sell below 57.75 Targets 57.65, 57.55, 57.45
Short UKOIL - Target 62.50-63 Confirmation - Long Upper Wick We are presently within a triangle. Crude to head lower. Target - 62.50-63
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 Analysis for Interday..