Look at this weekly chart. Crude fell fast from Russian war peak prices and started one year long consolation on a down slope trendline. Then is now climbing as fast up to reach the top of down slope Trendline that connects the peak prices of Russian war.
some people may look at the double top of price rejection these last two days but it won't kick start a 50% retracement, price action will eventually negate the reversal signals shown in smaller time frames and continue to climb because higher timeframe usually trumps the lower.
Check in 4H time frame of last few months, how many times double tops in 4h have been made invalid by sharp spike forced by higher TF trend.
Price is like travelling in a downward channel in weekly time frame. Now wants the top of that channel. This reaching the top is what people are charting inside a raising channel with 4h or 1d TF.
We have an horizontal resistance confluence near 92 or 93. publishers charting the raising channel from past 3 months also target 93$.
Putting all together, the raising channel of last few months, falling channel of past two years and horizontal resistance all point at 93$ range. It's going to be a high confluence region for short sellers.
Price must get there within this coming week. Any later will mean the resistance of falling channel will fall below 92. Any later will mean the resistance of raising channel will climb beyond 94. That'll create a choas and unpredictable price action between 90 and 95 range which'll fry the brains of traders alive.
For these reasons, I expect market to go to 93 from here without much delay caused by retracement, so I hope the recent bearish signals will be negated. There are enough EMAs acting as support from various time frames to make this climb possible.
Also negating bearish signals will mean the stoplosses of bears will be taken out resulting in sharp spikes.
some people may look at the double top of price rejection these last two days but it won't kick start a 50% retracement, price action will eventually negate the reversal signals shown in smaller time frames and continue to climb because higher timeframe usually trumps the lower.
Check in 4H time frame of last few months, how many times double tops in 4h have been made invalid by sharp spike forced by higher TF trend.
Price is like travelling in a downward channel in weekly time frame. Now wants the top of that channel. This reaching the top is what people are charting inside a raising channel with 4h or 1d TF.
We have an horizontal resistance confluence near 92 or 93. publishers charting the raising channel from past 3 months also target 93$.
Putting all together, the raising channel of last few months, falling channel of past two years and horizontal resistance all point at 93$ range. It's going to be a high confluence region for short sellers.
Price must get there within this coming week. Any later will mean the resistance of falling channel will fall below 92. Any later will mean the resistance of raising channel will climb beyond 94. That'll create a choas and unpredictable price action between 90 and 95 range which'll fry the brains of traders alive.
For these reasons, I expect market to go to 93 from here without much delay caused by retracement, so I hope the recent bearish signals will be negated. There are enough EMAs acting as support from various time frames to make this climb possible.
Also negating bearish signals will mean the stoplosses of bears will be taken out resulting in sharp spikes.