A case for oil to rise/rally. Xmas period + world turmoil
https://www.tradingview.com/x/n7MMkCCh/
I took a position in USOUSD a couple of days ago on Friday, I felt it reasonable that oil was undervalued & with more money starting to flow back to households with reduced interest rates worldwide, albeit Australia and soon to become a 'banana republic' as it was supposed to become a a couple of decades ago.
So, oil I tip may be breaking out and if you take a position in USOUSD as I have, well you might be keen to know that if price plays out for USOUSD as I think it will because of the bullish head n shoulders on the daily chart, forget the 15m chart HnS's pattern because this is on the Daily and its a mammoth pattern that if triggered very soon as I think it will later in the week, take price up to 90+ in a heartbeat.
Take a look at the chart Daily. The bullish story is there including a strong Bottom 3 pattern which price is launching from currently.
https://www.tradingview.com/x/n7MMkCCh/
Below, 15 minute chart USOUSD showing price-action bouncing off the triple bottom acting as strong support, price is keen to move upwards in the next pattern. H&S's pattern will nudge price to 90+ possibly by end of next week.
I took a position in USOUSD a couple of days ago on Friday, I felt it reasonable that oil was undervalued & with more money starting to flow back to households with reduced interest rates worldwide, albeit Australia and soon to become a 'banana republic' as it was supposed to become a a couple of decades ago.
So, oil I tip may be breaking out and if you take a position in USOUSD as I have, well you might be keen to know that if price plays out for USOUSD as I think it will because of the bullish head n shoulders on the daily chart, forget the 15m chart HnS's pattern because this is on the Daily and its a mammoth pattern that if triggered very soon as I think it will later in the week, take price up to 90+ in a heartbeat.
Take a look at the chart Daily. The bullish story is there including a strong Bottom 3 pattern which price is launching from currently.
https://www.tradingview.com/x/n7MMkCCh/
Below, 15 minute chart USOUSD showing price-action bouncing off the triple bottom acting as strong support, price is keen to move upwards in the next pattern. H&S's pattern will nudge price to 90+ possibly by end of next week.
Note
Volume starting to rise & correlating to a steady increase in oil price.
After the Friday sell -off by nervous investors, the shake-out leads to smart money in buying oil at around the 70mark and price currently is 72. A bargain in my opinion,
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