OIL Breaking out of the bull flag or another fakeout?
Hello and welcome to my post !
OIL is still in a strong uptrend and we are just breaking out from a bullflag.
We are getting strong resistances from EMA100 and MA200.
Something worth mentioning is the purple boxes on the chart, they are indicating previously fake out areas, a think that might happen if the price action dosent break the previously mentioned resistances.
If we continue from here the break of the bull flag strongly the target is 72$.
Indicators: The combination of the overbought SRSI and the mid level RSI suggest a strong momentum for the bulls.
Don't forget to protect yourself with proper Risk Management.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post,if you liked the idea you can support with a like and a follow have a great day !
OIL is still in a strong uptrend and we are just breaking out from a bullflag.
We are getting strong resistances from EMA100 and MA200.
Something worth mentioning is the purple boxes on the chart, they are indicating previously fake out areas, a think that might happen if the price action dosent break the previously mentioned resistances.
If we continue from here the break of the bull flag strongly the target is 72$.
Indicators: The combination of the overbought SRSI and the mid level RSI suggest a strong momentum for the bulls.
Don't forget to protect yourself with proper Risk Management.
Information provided is only educational and should not be used to take action in the market !
Feel free to ask anything in the comments or send me a message !
Thank you for reading my post,if you liked the idea you can support with a like and a follow have a great day !
Trade closed: target reached