🛢️ Technical Overview (WTI Crude Oil – 4H)
📐 Pattern Formation:
A double bottom pattern is clearly forming, which is a classic bullish reversal structure.
The neckline appears to be just below the $59.00 area.
A breakout above this neckline would confirm the pattern and open the door for further upside.
🎯 Measured Move Projection:
The vertical projection shows a +7.89 USD target (around 12.49% upside).
Measured from the neckline (~$59.00), the projected target is around $66.90–$67.00.
🔍 Key Levels:
Support (bottom of the pattern): ~$56.00–$56.30
Neckline/Breakout level: ~$59.00
Target zone: ~$66.90–$67.00
Resistance on the way up: ~$61.00 and ~$64.50
🧠 Outlook & Bias:
Short- to Medium-term Bias: Bullish, contingent on a confirmed breakout above the $59 neckline.
A break and close above $59.00 would activate the pattern and favor a continuation toward $66.90.
If price fails to break out and falls back below ~$56.00, the pattern is invalidated.
📌 Potential Trade Setup (Educational Only):
Entry: Break and close above $59.00
Stop Loss: Below $57.50
TP1: $61.00
TP2: $64.50
TP3: $66.90
📐 Pattern Formation:
A double bottom pattern is clearly forming, which is a classic bullish reversal structure.
The neckline appears to be just below the $59.00 area.
A breakout above this neckline would confirm the pattern and open the door for further upside.
🎯 Measured Move Projection:
The vertical projection shows a +7.89 USD target (around 12.49% upside).
Measured from the neckline (~$59.00), the projected target is around $66.90–$67.00.
🔍 Key Levels:
Support (bottom of the pattern): ~$56.00–$56.30
Neckline/Breakout level: ~$59.00
Target zone: ~$66.90–$67.00
Resistance on the way up: ~$61.00 and ~$64.50
🧠 Outlook & Bias:
Short- to Medium-term Bias: Bullish, contingent on a confirmed breakout above the $59 neckline.
A break and close above $59.00 would activate the pattern and favor a continuation toward $66.90.
If price fails to break out and falls back below ~$56.00, the pattern is invalidated.
📌 Potential Trade Setup (Educational Only):
Entry: Break and close above $59.00
Stop Loss: Below $57.50
TP1: $61.00
TP2: $64.50
TP3: $66.90
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.
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.