West Texas OilUpdated Oil just hangs on to slope line
A weekly close below slope line, will plummet oil aggressively lower. Bounce also possible, however if you look @ recent price action and economic conditions this is very unlikely.
Possible target - 31.6$ would be a 100% trend extension.
25.8$ 2016 Low
Stop - 58$
Daily Chart
4- Hourly Chart
Possible target - 31.6$ would be a 100% trend extension.
25.8$ 2016 Low
Stop - 58$
Daily Chart
4- Hourly Chart
Trade active
Aggressive Entry on 30-min Chart, be careful on this short time frames. It's a bit of a gamble.Note
Break of possible neckline, looks to be the safer option.
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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.