Researched on the chart of crude oil and found that it has broken down the trend line as shown in the chart, however it has taken the support many times near 50.50 levels and to hope that again it will test these levels. Traders are advised not to short crude oil at these levels either it will break down the support of 50.30 levels to confirm or wait for dat-cat...
monthly shoulder head shoulder and conform reversal candle.
weekly false breakout of trendline
daily trend is down forming lower low
hourly lower top lower bottom
HI TRADERS
I'M FROM INDIA, DOING TRADE FOR LAST THREE YEARS AND ONLY IN CRUDE. THE POPULAR PRODUCT AND HIS MOVEMENTS IMPRESSED EVERY TRADER. YA EVERYBODY KNOWS THAT. WHEN I'M STARTING TRADING HAVE LOTS OF STRUGGLES. DON'T KNOW ABOUT THE BASIC, FUNDAMENTAL AND TECHNICAL. AFTER SOME PERIOD GONE I STUDIED THE CRUDE. USING INDICATORS, OSCILLATORS, SEARCHING...
post redistribution markdown started, going to retest the 20ma
literally no demand seen on this 6hr pull back
should test 57.3 before turning
disclaimer.. not an investing/trading recommendation
It has made the high on 5th Oct 2018 and now retraced up to the 61.8% Fibonacci levels. If the crude crosses the levels of 64 then we may see some big up move towards 80 dollars. However, support is placed around 53 levels. Wait for the confirmation to breach the 64 then we can see the levels of 69,76.5 & 80 levels until its trending in a upward channel.
