We are in a triangle , tagging the lower trendline today.. Everybody is ready to short oil and this selling power had pushed oil price down to the bottom of the triangle in one day.
But we couldn't break the the support at 45.6$. I think tomorrow we will start to head up again and this time we will break the triangle's upper trendline.
This is not a topping pattern. This looks like a consolidation triangle to me. It's too simple to fall from here. The bull needs to kick hard the bears one more time before a strong decline.
Oil still could rally 2-3 weeks and that would be enough to tag 55-60$ before the intermediate decline.
I believe this is a low risk buy now. If you go long here you could set your stop below 45.40$.
I'M also buying oil in the energy trade.
But we couldn't break the the support at 45.6$. I think tomorrow we will start to head up again and this time we will break the triangle's upper trendline.
This is not a topping pattern. This looks like a consolidation triangle to me. It's too simple to fall from here. The bull needs to kick hard the bears one more time before a strong decline.
Oil still could rally 2-3 weeks and that would be enough to tag 55-60$ before the intermediate decline.
I believe this is a low risk buy now. If you go long here you could set your stop below 45.40$.
I'M also buying oil in the energy trade.
Note
I think the patry is starting.This time we will break up from the triangle.
Note
Don't forget to use the stops here...Note
I don't like this price action...
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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.