OIL structure play with some potential patterns
So, fellas, the blue rectangle represents a pretty strong resistance for todays price action. The level has been tested quite lot and we have a lack of price momentum right in that exact area. Further price decline will form a gartley pattern since the .618 level is around that resistance level I was talking about. Shorting now is an option. I would personally give it a shot. Trail stop order for some pips. However if we break the level and test it again with a bounce off it as a support level that would be a long signal and possibly the end of the downtrend since we just completed the monthly bat pattern that was standing just @ 42.00. We also have the green bat pattern which would catch the retracement of the eventual break of this key structure resulting in a test of it.
Thats all, folks.
Thats all, folks.
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.