The Crude oil is forming a potential double bottom on a 1H chart
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The price has been moving in a general down trend channel. Recently the price broke out of it to the up side and now it's retesting the former down trend resistance. On it, it's forming a potential double bottom.
Additional confluences:
- Oversold RSI on the first bottom
- MACD Bullish crossing between the 2 bottoms
Zoom out the chart to see the Bigger picture.
The price has been moving in a general down trend channel. Recently the price broke out of it to the up side and now it's retesting the former down trend resistance. On it, it's forming a potential double bottom.
Additional confluences:
- Oversold RSI on the first bottom
- MACD Bullish crossing between the 2 bottoms
Trade closed: target reached:
Price reached 72.27. Movement from the double bottom projection has been consumed
Comment:
Price got to nearly 74. At this stage it is encountering a strogn resistance range from the previous major high points and it is not curtain how it's going to continue. The movement from this setup has been reached 100%. Congratulations to everyone who cought it