Reason for CrudeOil breakout failure on 21-12-2020Ascending parallel Support channel not yet broken as per 4 hour time frame if we consider S1,S2,S3 wigs as a support channel.
XTIUSD trade ideas
Crude Oil Ascending channel support channel breakout at 4 hr TFCrude Oil Ascending channel support channel breakout at 4 hr TF
Entry - 3490
Stop Loss - 3515
Target 1 - 3470
Target 2 - 3450
Crude Oil Ascending parallel channel at 2 hour TFMarket Analysis - Crude Oil is still inside Ascending parallel channel at 2 hour TF and it's approaching S4 zone
💡WTI . Weekly Technical Analysis UpdateMidterm forecast:
43.75 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 40.20 on 11/13/2020, so more gains to resistance(s) 50.70, 54.75, 57.80 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 74.
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USOIL (SUPPORT & RESISTANCE ZONE)Trade according to the support and resistance line.
set your stop-loss and trade.
USOIL Ascending parallel channel formation at 15 mins TFUSOIL Ascending parallel channel formation at 15 mins TF
USOIL Ascending parallel channel formation at 2 hour TFUSOIL Ascending parallel channel formation at 2 hour TF
USOIL Parallel channel reversal at 15 mins TFUSOIL Parallel channel reversal at 15 mins TF (Short)
Entry @ 3473
Stop Loss @ 3488
Target 1 @ 3458
Target 2 @ 3443
