There is a daily doji indicating that liquidity needs to be taken at a double bottom, institutional traders will be looking to take out the SL's there for another push up following on from the news last week that the US may release their biggest amount of reserves in a while, 180 million barrels over 6 months. Price is starting to form a descending triangle that we expect to continue until we come to the end of that. We could see price break down after, in which case we'll take sells after a rejection off the support zone to make it turn resistance. Price could give a false breakout out of the descending triangle; hence we have TP's higher than the downward trendline. Squeeze Momentum Meter is showing that although price is coming down, there's not major volatility in the move so we can expect the liquidity grab to bring price back up.
R:R = 1:11
GL as always!
R:R = 1:11
GL as always!