Oil - long term chart
Oil broke out of its major bear flag (Blue) in October last year, creating a potential bearish ascending wedge (also Blue). Last month we see that it broke out of that major wedge as well. In addition, last week it broke out of a sharp medium-term ascending wedge established in September (Red). The question is - where will it consolidate?
The bull flag break-out has a target of $70. However it is also likely there will be back-test of the long-term ascending wedge (Blue) to establish a strong base of support at ~$60 before propelling higher. However, if this level doesn't hold, it may back-test its bear flag at ~$45-50.
Oil remains extremely bullish, but we see people starting to take profits at this level.
Oh and.. congrats to bulls who bought in June 2017. #humbrag #patonmyownback
The bull flag break-out has a target of $70. However it is also likely there will be back-test of the long-term ascending wedge (Blue) to establish a strong base of support at ~$60 before propelling higher. However, if this level doesn't hold, it may back-test its bear flag at ~$45-50.
Oil remains extremely bullish, but we see people starting to take profits at this level.
Oh and.. congrats to bulls who bought in June 2017. #humbrag #patonmyownback
Related publications
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.