Crude oil reached a current structure high yesterday.
Bears started to push during the US session but were immediately rejected on 4H.
it looks like bulls are preparing for a continuation.
next week pay attention to 39.9 - 40.5 structure resistance area.
if bulls manage to break and close above that then we...
Price has consolidated, forming an Ascending Triangle.
As Price is above the 200EMA, I anticipate a breakout to the upside and will seek confirmation of the breakout with a close above $42 (orange line).
Target #1: ~$45 (Closing the gap down from 6th March lows)
Target #2: $50 (Confluence zone of 61.8% from Jan highs + 127% fib extension from April lows)
Recent weakness in crude oil could see sentiments changing to short trade. The commodity struggled to above its early June (June 8) Swing High and price rejected on 23/06. Any further price rally towards bearish order candle may likely invites more bears to short crude oil.
- Let emotions and sentiments work for you
-ALWAYS Use Proper Risk Management In Your Trades
Strategy works on all instruments.
Lovely buy on oil, running over +200 pips.
Lets see where this goes, could be a big one but we will now wait for TP2 - to make risk free and/or close on opposite signal.
. While the price is above the support 1.550, beginning of uptrend is expected.
. We make sure when the resistance at 2.250 breaks.
. If the support at 1.550 is broken, the short-term forecast -beginning of uptrend- will be invalid.
. While the RSI downtrend #1 is not broken, bearish wave in price would continue.
. A peak...
Price has reached the same point where it plummeted from when the initial Lockdown came into force (March 2020). Price has recently created a supply zone at this key level and is currently hovering. If another lockdown is enforced, then expect a drop. This may take a while to play out but the levels are all lined up pretty well. Good luck
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I will begin NASDAQ ZeroMarket US100 Chart Analysis for June 30 th.
30 minute chart, neutral strategy.
Red resistance wire,
Check the green support line and the triangle convergence section.
USDWTI H4 - Those that watched the weekly watchlist will be familiar with this setup, we mentioned we would like to see a double bottom from support. Potentially what we may be seeing here, but we haven't test the actual support zone, just shy of, where the candle bodies previously closed last week. Still 1:3, let see how this active H4 closes.