Where are we going? You tell me :-D This market gives too many mixed signals. So this is more a chart for more insight of the big picture.
The august 2021 dip and bounce on the trend line ($61) is very bullish. But we are now heading for the resistance trend line . If we break that (close monthly candle above) we can reach +/-$103. If we also break that level who knows were it will go!
On the other hand there is risk we might drop down to the resistance trend line . So back to +/-$60/65. If we break that we can drop to test the 2008 downtrend line (+/-$49) or even further down to +/-$18.
Good luck and don't forget to zoom out from time to time.
Note
It looks like we closed this month just above the trendline. This is a bullish signal. But please note that the lines are not drawn very precise. Since it is so narrow I recommend to draw your own trendline.
Note
Trendlines holding well. Might go sideways for sometime.
Note
We broke the (double) trendline (around $103). Tested downside trendline from 2020 low ($92). Just bounced at the trendline ($102.2). Ready to explode. $175.
Note
Crude hit the trendline. Long with a stoploss below the trendline.
Note
Looking good so far. Lets see if it can move to the trendline at 86$.
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.