Crude oil is in cyclic double bottom pattern.
Weekly Time frame :: If a weekly candle closes above the 82.60, can expect a long bullish run of crude oil till 124 USD.
Daily Time frame :: In daily you can notice a DB pattern, I have drawn a descending trend line in which there is a short sell possibility for now.
But this short is a risky as the Weekly support(Levels I have mentioned in the video) is close by.
If anybody wanna trade for now, can go for a short. but whoever wanna trade after a proper confirmation in the trend please wait for a weekly candle to close above 82.60
:-)
Weekly Time frame :: If a weekly candle closes above the 82.60, can expect a long bullish run of crude oil till 124 USD.
Daily Time frame :: In daily you can notice a DB pattern, I have drawn a descending trend line in which there is a short sell possibility for now.
But this short is a risky as the Weekly support(Levels I have mentioned in the video) is close by.
If anybody wanna trade for now, can go for a short. but whoever wanna trade after a proper confirmation in the trend please wait for a weekly candle to close above 82.60
:-)
Trade active
71.31 level has broke in 1H hourTrade active
solid breakout above the 82.60 in weekly time frame.
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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.