About WTICOUSD(Crude) Will Crude “Break Down” Or “Rise”?
The current crude chart raises a lot of questions..... Will wticous(crude) break the recent low, or will it show recovery for an upward movement? Is the support level of 83 valid? Are the fibo levels in the 1hour chart working in the favor of a bullish move? If at all the price breaks the 83 mark or support, where would it head?
In June, WTICOUSD(Crude) was trying to hit a new high and failed. After 8Th June 2022 price started to fall after hitting the price mark of 124.418. The fall continued till 27 September 2022 with the price hitting 76.571. After this, the first bullish sign was seen in the 1-hour chart, when the breakout of the 1st structure change happened, at the price mark of 83.204. This was retested on 18th October 2022, and the price started to show bullish movement.
The current price movement seen in the chart, it is showing all the correct forms of bullishness, may it be any time frame 1hour, 2hour, 4hour or 1Day. If the price breaks the level mark of $83 to $82.50 and sustains the breakdown, then the downtrend will continue. It will result in the price heading towards the levels of $79.418 & $76.517 which you can see in the 4hour chart below.
The first bullish sign in WTICOUSD(Crude) will be seen if the price sustains above $88.
Keeping in mind that the market is the boss. Technical analysis has given us two significant levels to look out for, $88 & $82. These levels were marked important by the author with the help of simple tools like Horizontal ray, Trend line, fib retirement filter, and simple price action of 1 hour, 2 hours, 4hour and 1 day. On the trading view platform.
OANDA:WTICOUSD
USCRUDEOILCFD trade ideas
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
76.58
Next Zone area & horizontal swing Low support
1st Resistance
85.62
Zone area & horizontal swing high resistance
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
79.58
Next Zone area & horizontal swing Low support
1st Resistance
90.62
Zone area & horizontal swing high resistance
#USOIL it's possible to sell#USOIL for Price trading the 4hr resistance area and waiting for bearish candlestick formation in resistance area and the next candle close below the previous candle its will move to the next level support
Why we like it
Price trading the 4hr resistance
moving to the next level support
waiting for bearish candlestick formation
Trading in channel
1st support:
79.58
Next Zone area & horizontal swing Low support
1st Resistance
90.62
Zone area & horizontal swing high resistance
Crude Oil USOIL Elliott wave countsAs per Elliott wave structure and along with running trend sequence USOIL Crude oil is looking sell now or on rise (if any) with invalidation level of $ 90.17
Also RK's mass psychological cloud is suggesting to go short
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Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
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