Similar analysis as my other charts, Oil previously crashed and hit the bottom at this level. I see many indications that this will fall again and potentially hit the bottom.
Price is constantly testing support and now consolidating. Once price has broken support its a big sell.
CHART TIMEFRAME : H4
INDICATORS: EMA50 & EMA100
CHART PATTERNS: Double Bottom and Potential Bearish Harmonic Pattern to be completed at D Leg. - Fibonacci 88.60 of XA -
NOTES: 63.00 Neckline of the DB
AREA OF ENTRY: Current Level and Possible Retracement EMA50 Support.
Details as described on the chart.
DISCLAIMER: This is a technical analysis study, not...