Description: The price is at a significant multiyear resistance/support-level and is forming a cup and handle pattern in the 4h chart which indicates that the market participants are preferring the long scenario
Intermarketanalyses: The fact that we are not only seeing huge spikes in the inflation-data (CPI) which can be explained with the basis-effect but also witnessing wage increases supports the idea that this increase in inflation is not transitory. This makes the idea that we see a further depreciation of the USD more probable. As commodities and the USD are negatively correlated the depreciation of the USD should act as a tailwind for the oil-sector
Entry: 62.30$ (this would end the secondary downtrend of the correction)
Target: ~ 68$
Stop: 58.20$
Stopmanagement: Parabolic SAR 4h chart default settings
Risk/Reward-Ratio: > 1:1
Intermarketanalyses: The fact that we are not only seeing huge spikes in the inflation-data (CPI) which can be explained with the basis-effect but also witnessing wage increases supports the idea that this increase in inflation is not transitory. This makes the idea that we see a further depreciation of the USD more probable. As commodities and the USD are negatively correlated the depreciation of the USD should act as a tailwind for the oil-sector
Entry: 62.30$ (this would end the secondary downtrend of the correction)
Target: ~ 68$
Stop: 58.20$
Stopmanagement: Parabolic SAR 4h chart default settings
Risk/Reward-Ratio: > 1:1
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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.