WTI Oil is trading inside a Channel Down since the September 27th High.
The price is now forming the Right Shoulder of a minor Inverse Head and Shoulders pattern that bottomed on the Lower Lows trend line of the Channel Down.
This is formation technically aims at pricing the new Lower High at the top of the Channel Down.
Trading Plan:
1. Buy the moment a (4h) candle gets closed over the MA50 (4h).
Targets:
1. 80.50 (which is the 1.382 Fibonacci extension, as the previous Lower High was priced. Also it's the MA200 4h and top of the Channel Down).
Tips:
1. The RSI (4h) is forming the exact same pattern as the previous bottom from October 6th to 12th. Once it re-crossed over its MA line, the spike that priced the top started.
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Notes:
Past trading plan:
The price is now forming the Right Shoulder of a minor Inverse Head and Shoulders pattern that bottomed on the Lower Lows trend line of the Channel Down.
This is formation technically aims at pricing the new Lower High at the top of the Channel Down.
Trading Plan:
1. Buy the moment a (4h) candle gets closed over the MA50 (4h).
Targets:
1. 80.50 (which is the 1.382 Fibonacci extension, as the previous Lower High was priced. Also it's the MA200 4h and top of the Channel Down).
Tips:
1. The RSI (4h) is forming the exact same pattern as the previous bottom from October 6th to 12th. Once it re-crossed over its MA line, the spike that priced the top started.
Please like, follow and comment!!
Notes:
Past trading plan:
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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.
Join our private Telegram signals channel, with +70% accuracy for forex and crypto! 🎉
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
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.