BRENT OIL two possible scenarios
price is overall bearish making lower lows and lower highs. Moreover, Oil is trading inside our blue channel (not objective yet)
First Scenario:
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on H4: waiting for an objective break above our upper blue trendline to buy.
Second Scenario:
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meanwhile, price is still overall bearish and sitting around our upper blue trendline (which acts as minor resistance) so we will be looking for objective trend-following sell setups on lower timeframes
on M30: price formed an objective trendline in red, a double top pattern in gray, and we also have divergence on MACD
so three confluences are enough to consider sell Oil after a momentum candle close below our gray neckline.
price is overall bearish making lower lows and lower highs. Moreover, Oil is trading inside our blue channel (not objective yet)
First Scenario:
------------------
on H4: waiting for an objective break above our upper blue trendline to buy.
Second Scenario:
---------------------
meanwhile, price is still overall bearish and sitting around our upper blue trendline (which acts as minor resistance) so we will be looking for objective trend-following sell setups on lower timeframes
on M30: price formed an objective trendline in red, a double top pattern in gray, and we also have divergence on MACD
so three confluences are enough to consider sell Oil after a momentum candle close below our gray neckline.
This analysis is done using RichTL
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www.RichTL.com
My Telegram Channel
www.t.me/thesignalyst
Buy CRGPT on Uniswap
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