USOIL Crude oil : Russian oil ban, what's next? 4.5
Updated
The pennant consolidation opened the week with a breakout and a retest confirmation of the breakout.
Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88.
The breakout is a major bullish technical alert, indicating new daily up-trend.
Resistance levels on the new up-trend are:
*106.80 - 108.50
*114.60 - 116.40
*125 - 127.80
Retest potential to the downside:
*Consolidation retest - 100-101.50
*Consolidation support floor - 96.50-98.20
A break below consolidation may lead to trend reversal, but for now bullish indications on full alert!
Russian oil sanctions are increasing and we have 1 million barrels a day off circulation as of now, this amount is expected to double soon, Bernard Looney, CEO of BP oil company says.
This is a fundamental trigger for the technical breakout.
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Thank you so much for reading! If you found my idea useful please like and follow - It would truly mean a lot to me.
I promise to respond to any and all questions/comments, so don't hesitate!
Always be careful trading and make your own research, best of luck.
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Consolidation took place between Jan - April 2022, With a high of ~128 and a low of ~88.
The breakout is a major bullish technical alert, indicating new daily up-trend.
Resistance levels on the new up-trend are:
*106.80 - 108.50
*114.60 - 116.40
*125 - 127.80
Retest potential to the downside:
*Consolidation retest - 100-101.50
*Consolidation support floor - 96.50-98.20
A break below consolidation may lead to trend reversal, but for now bullish indications on full alert!
Russian oil sanctions are increasing and we have 1 million barrels a day off circulation as of now, this amount is expected to double soon, Bernard Looney, CEO of BP oil company says.
This is a fundamental trigger for the technical breakout.
-----------------------------------------------------------------------------------------------------------------
Thank you so much for reading! If you found my idea useful please like and follow - It would truly mean a lot to me.
I promise to respond to any and all questions/comments, so don't hesitate!
Always be careful trading and make your own research, best of luck.
-----------------------------------------------------------------------------------------------------------------
Note
With today's oil inventory report there's a couple options, Retest of 102.50 - 100 or trend continuation up aggressively within the up-trend on the charty
Trade active
Up-side break out continuation! 106-108 is the level to break and is currently being tested.
Once broken, 114 may be reached very quickly!
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