I see symmetrical triangle formation, which has broken to upside. However there's huge resistance at $43.67. Break and closing above the resistance would be give a good confirmation its to the upside. And also bollenger band is contracting which would only mean one thing.
Even if the $43.67 holds and breaks down to downside, im expecting to bounce back up at...
This is showing ascending triangle formation on 240 with the brief downside to $41.40 and then bounce back up after retesting the trend line at $41.40 to $45+.
This still holding on this bias.
If however the price action closes above $43.60 today, it might just rallying up.
Do you guys agree?
. There is still a possibility of temporary retracement to suggested resistance line (42.80). if so, traders can set orders based on Price Action and expect to reach short-term targets.
. Brent is in a range bound and the beginning of downtrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic...