USOIL Great Job, IBGSCALPER for that ChatGPT Analysis! I totally agree that the bulls are in charge. Going to 90 is a stretch, so let's not get too excited.
Looking at the Weekly chart, an Ascending Triangle formed with the Bullish and Bearish Trendlines (in red and green dotted lines), along with a Double Bottom, to promote a long bull run. Although, as the bulls rally, there is a S&R Zone in the way (that starts at 77.05) they would have to cross through, along with a trendline.
If the bulls can rise above the S&R Zone, it would flip the market bias from Bearish to Bullish for more profitable moves to the upside. You can see three Swing Highs (at 80.73, 84.49 and 84.60) that the bulls can breach. If the bulls can't rise above the S&R Zone, the bears can drop down to cross five Swing Lows below them, starting at 66.85.
WTI I hope the Bears learn something today, dont trade against a trend reversal especially overlapping months. 99% have to be wrong, providing the fuel to go the other way. Look for the key pattern. Consolidation, manipulation, distribution occurs on every time frame. Now go look at the Dailey chart, its as clear as the sky.
SPOTCRUDE if it holds above 70.191 will retrace up again...if falls below can go to 96.894, and then 69.171 But it will be enough giving me back my 2 lossesof today.
USOIL Great Job, IBGSCALPER for that ChatGPT Analysis! I totally agree that the bulls are in charge. Going to 90 is a stretch, so let's not get too excited.
