This has been very steadily grinding downwards and is now entering a Bearish environment again. I think this will reject off the lower trendline that it broke yesterday, it is just below this now. From here I have set 3 targets for TP that can either be held or swing traded. If this does reject the trendline mentioned the SL can be just above this. I do think this...
If this can break the support level we are currently at this could have a big fall. IF it does break then we can look to short with a target of 49.30. I have been looking for this to have a big correction for some time. Other key target levels are at Fibonacci levels 0.382 and 0.5 which also align with key structure. First we need to break current support though...
USOIL is printing a rising wedge pattern on the Daily timeframe.
RSI is printing a bearish divergence signal.
The minor uptrend since November has been respecting the parabolic support.
Possible price actions are indicated on the chart.
since the idea is based on 30mn time frame, this idea is available only for one day.
let's see if the market will give me reason today
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My preference : We will Look for a price action pattern to appear in buy zone on a lower time frame next week before taking entry in the market.
1 - If price reverse before touching the demand zone then we will wait for the market to break 37.80 to enter.
2 - If price breaks below the demand zone and we don't see any sign of...
Price is currently in a good BUY zone, this area has previously been used as strong resistance which has now turned into support, so i am expecting bulls to step back in and push price higher from here. If you do take a trade from this you can keep a tight stop loss because if price did break such a strong support then it has the potential to fall some way.