#OIL Price at profit taking place
Hello everyone,
I'm thrilled to share my 101st analysis here, marking a significant milestone in my journey. While there were certainly some analyses that didn't pan out as expected, I believe the ones with better results outweighed them in total. I'd like to express my gratitude to those who supported the ideas, left comments, or liked the analyses. Your engagement motivates me to continue improving the quality of my work.
Now, let's delve into the analysis of the Oil price, as it has reached a crucial price level where profit-taking activity may occur, potentially leading the price lower.
As shown in the chart, not only has the price reached a bearish trendline that previously held it at lower levels, but we are also currently at the one-to-one price target projection of an inverted head and shoulders pattern, a level where many pattern traders would consider taking profits.
It's worth to note that as soon as the price reached this area, it encountered some bearish pressure and failed to sustain its bullish momentum.
At present, based on my strategy, I don't have any bearish signals or triggers. However, with a bit more patience, I believe a good opportunity may present itself soon.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
I'm thrilled to share my 101st analysis here, marking a significant milestone in my journey. While there were certainly some analyses that didn't pan out as expected, I believe the ones with better results outweighed them in total. I'd like to express my gratitude to those who supported the ideas, left comments, or liked the analyses. Your engagement motivates me to continue improving the quality of my work.
Now, let's delve into the analysis of the Oil price, as it has reached a crucial price level where profit-taking activity may occur, potentially leading the price lower.
As shown in the chart, not only has the price reached a bearish trendline that previously held it at lower levels, but we are also currently at the one-to-one price target projection of an inverted head and shoulders pattern, a level where many pattern traders would consider taking profits.
It's worth to note that as soon as the price reached this area, it encountered some bearish pressure and failed to sustain its bullish momentum.
At present, based on my strategy, I don't have any bearish signals or triggers. However, with a bit more patience, I believe a good opportunity may present itself soon.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
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