From the weekly chart, it is clear to see that the USOIL is moving in a shrinking triangle.
Next, the price needs to choose the true direction, upward or downward, after the breakout of triangle.
Option 1:
If the price breaks down the lower line of the triangle, the target is about 47.0, which is a good demand zone and the complete point of the bullish Gartley pattern.
So sell after the down breakout until near 47.0 and then buy.
Option 2:
If the price breaks out the upper line of the triangle, the target is about 74.0, which is a good supply zone and the complete zone of the bearish Gartley pattern.
So buy after the up breakout until near 74.0.
Plan your trade before opening positions.
Next, the price needs to choose the true direction, upward or downward, after the breakout of triangle.
Option 1:
If the price breaks down the lower line of the triangle, the target is about 47.0, which is a good demand zone and the complete point of the bullish Gartley pattern.
So sell after the down breakout until near 47.0 and then buy.
Option 2:
If the price breaks out the upper line of the triangle, the target is about 74.0, which is a good supply zone and the complete zone of the bearish Gartley pattern.
So buy after the up breakout until near 74.0.
Plan your trade before opening positions.
Note
The triangle were broken out.
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.
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.