Here is my take on OIL at the moment.
OIL is at a critical point, where it might either break out and reach $58.60 - $58.80 before falling back to $53.30 or lower.
As it is in a diamond formation, I expect a break down to $55 area first. But as I was analyzing past patterns, when it has broken resistance at and subsequently bounced from $56.50 it tends to touch $58.50 area before falling. I see both as possible routes, but either way my end analysis is short.
OIL is at a critical point, where it might either break out and reach $58.60 - $58.80 before falling back to $53.30 or lower.
As it is in a diamond formation, I expect a break down to $55 area first. But as I was analyzing past patterns, when it has broken resistance at and subsequently bounced from $56.50 it tends to touch $58.50 area before falling. I see both as possible routes, but either way my end analysis is short.
Note
Gann Fan from June 12 shows similar levels and results
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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.