Again, just trying to get enough reputation points to use the group chat lol.
Continuing from yesterday's post, I think the price is still very likely to rise, but not as soon as I expected. There is an added indicator to suggest so (descending wedge). If however, the price does continue to fall/does not continue in the white channel I have drawn, the pitchfork...
WTICOUSD corrects movement. The correction level of the exchange rate is visible at 51.43 usd level. From this level, I wait for a repeat rise. The height of the rise can be the same size as the previous wave. For the exchange rate it is a neighborhood of 67.79 usd. Probably this level is available for the first few days of February 2018.
Us crude oil - H4 timeframe. I see a pull back move in play on the weekly timeframe with targets of 52.60. On the H4 chart, I have identified a break-out pattern with a demand zone holding. Target is 52.50 and stops at 50, risk to reward 1:5
Bearish pressure since the 20th should continue. Key resistance at 50$ price keeps on being tested but doesn't hold Target one at support should be hit at $49 mark. If price goes below 49$ I'd take further shorts. Price is retracing and touching both EMA's too
We have a potential play setting up long term on Oil. On this weekly Chart you can see we are forming a nice Head and Shoulders reversal pattern on the Weekly chart and are just waiting for it to complete and breakout to the upside for confirmation.
On the break of the neckline we would be waiting for the price action to present a good entry point with the first...
The last candle still has some time to close, but based on what is now, we can see an indecision forming on area of support. USOIL dropped 3.5% today, which is a strong move, so we may look here for some short-term long positions.