Oil bull flag, going into potential ABCD pattern.
Oil is now flagging on the 4H chart, and consolidating above the 200sma.
If there is a breakout of the flag, i expect price to go up and challenge the 200sma on the daily chart (52$)
The harmonic ABCD pattern comes in at 54.80 and the full harmonic 1.618% is at 56.40.
The big diagonal line is a weekly countertrendline, so that will be a interesting object in the coming weeks.
A close below 43$ will signal a new short, with first target at 38.5$
If there is a breakout of the flag, i expect price to go up and challenge the 200sma on the daily chart (52$)
The harmonic ABCD pattern comes in at 54.80 and the full harmonic 1.618% is at 56.40.
The big diagonal line is a weekly countertrendline, so that will be a interesting object in the coming weeks.
A close below 43$ will signal a new short, with first target at 38.5$
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.