A follow up to my recent post.
So America came out saying they're not going to escalate except for stronger sanctions and the Iranians seems to be calming down as well. How long this will last is anyone's guess. Both sides are probably planing their next move.
As a result we've seen oil pullback heavily over yesterday. The question now is how far.
We saw good volume kick in at the 59 price mark. My best guess is that hedges are starting to accumulate around this zone. We are currently forming a consolidation pattern. Not sure on the pattern just yet but it could form a flag. The closest support line would be the ascending trend line from the daily time frame. If they break this phase downward I'd like to see them react to that trend. (The height of consolidation also touches the line perfectly from a breakdown as shown.) I'm planing long entry's between the 57-58 price if they show bullish signs. If the current daily trend doesn't hold we could potentially slip back to the 50-54 range.
Any input would be much appreciated.
Good luck and happy hunting!
So America came out saying they're not going to escalate except for stronger sanctions and the Iranians seems to be calming down as well. How long this will last is anyone's guess. Both sides are probably planing their next move.
As a result we've seen oil pullback heavily over yesterday. The question now is how far.
We saw good volume kick in at the 59 price mark. My best guess is that hedges are starting to accumulate around this zone. We are currently forming a consolidation pattern. Not sure on the pattern just yet but it could form a flag. The closest support line would be the ascending trend line from the daily time frame. If they break this phase downward I'd like to see them react to that trend. (The height of consolidation also touches the line perfectly from a breakdown as shown.) I'm planing long entry's between the 57-58 price if they show bullish signs. If the current daily trend doesn't hold we could potentially slip back to the 50-54 range.
Any input would be much appreciated.
Good luck and happy hunting!
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That's how I'm expecting this to play out although volume is dropping off.
Honestly I would not tempt playing the move down as support is close and I wouldn't want to play into a possible bounce. But if they do manage to hit that zone and hold I will be looking for entry's long.
If they manage to break upward from the current consolidation look for possible micro-pullbacks to play into
Honestly I would not tempt playing the move down as support is close and I wouldn't want to play into a possible bounce. But if they do manage to hit that zone and hold I will be looking for entry's long.
If they manage to break upward from the current consolidation look for possible micro-pullbacks to play into
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Price is still consolidating. We've had some fake breakouts but no follow-through. Might still be a triangle or a pennant could be in play due to the recent HL bounce.
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