Oil's long term re-test before upcoming rally? 13.2.2023
Updated
Simple 1+1 equals 2.
There's a couple factors here.
1) Long-term support since March 2023 kept with multiple re-tests.
2) Long-term 8 month wedge consolidation with recent Jan 2023 breakout up together with RETEST of that breakout at 74.80-75.20 as of today.
If the week closes above this support, VERY high chance for continuation of breakout up and 80's-90's even 100 to be reached within coming weeks.
If the support of 74.80-75.20 breaks down, retest of long-term March 2021 to today support trend-line is possible at 71.40-60.
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I encourage to do your own research and trade with caution
Thank you for reading and would very much appreciate your comments and questions!
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There's a couple factors here.
1) Long-term support since March 2023 kept with multiple re-tests.
2) Long-term 8 month wedge consolidation with recent Jan 2023 breakout up together with RETEST of that breakout at 74.80-75.20 as of today.
If the week closes above this support, VERY high chance for continuation of breakout up and 80's-90's even 100 to be reached within coming weeks.
If the support of 74.80-75.20 breaks down, retest of long-term March 2021 to today support trend-line is possible at 71.40-60.
-------------------------------------------------------------------------------------------------------------------
I encourage to do your own research and trade with caution
Thank you for reading and would very much appreciate your comments and questions!
------------------------------------------------------------------------------------------------------------------
Trade active
Amazing! Price fell below 74.80 and continued down to ~72 before reversing from our March 2021 - Feb 2023 trend line! Recognizing and acting on the retest of this long term trendline would have netted close to $6 gain as it reached above 77 after testing.
Nice.
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