Oil want's to make a promise
There is a H&S pattern almost completed in the 4h chart (H&S has an approx. 60% probability of positive out-come) with an approx. extension target to US$ 44. We do not know what the trigger for this could be as stocks are pretty high historically, but from a technical point of view, there is a good chance of prices keeping to crawl upwards.
The rapid b/d made me thinking about to become bearish, but looking at the chart picture I think it is better to think more for the bullish side in order to make no mistake. I will try to make a short term long position with a stop at around US$ 37.
The rapid b/d made me thinking about to become bearish, but looking at the chart picture I think it is better to think more for the bullish side in order to make no mistake. I will try to make a short term long position with a stop at around US$ 37.
Note
REMARKS: the green and yellow lines are RENKO resistance/support levels. Interestingly, the red target line is as well a support level earlier on during the down movement.
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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.