OILUSD looking like a nasty bear bear flag on daily time frame if this is the case the measured move down would be to around 58 …… 🪂West Texas Intermediate vs US Dollar forum
OILUSD looking like a nasty bear bear flag on daily time frame if this is the case the measured move down would be to around 58 …… 🪂
USOIL What's Below?On the Hourly that is in Bearish Market Bias, the bears are dropping down towards the nearest S&R Zone below. Beyond that, there's layers of Support Areas: a taller S&R Zone, along with 6 Swing Lows to potentially breach. Let's see how far this drops to.
The Path of Least Resistance is to go up.
OILUSD the global recession has started
USOIL Let her sink :)
USOIL Trump must be thinking about high oil prices...that's why it's fallingUSOIL Switching to the Daily, the bears are crossing the Bullish Trendline (in green dotted line) to flip the market bias from bullish to bearish. They are dropping from both a Micro-Double Top and the high of the Inside Day at 67.70 (shown as an orange line) and headed for the S&R Zone (that starts at 65.49).We'll see how the bears react around the S&R Zone - to either be blocked from dropping below it so the bull can rally towards the trendline OR cross through the Zone and do a breakout from the Inside Day pattern's low of 64.03 (shown as an orange line). Below that is a Swing Low of 64.03.
*Side Note:
A giant W-shaped pattern usually forms around a Swing Low. The neckline already formed, so this would be the 3rd leg of the "W", then the long bullish trend would be the 4th and last leg.
OILUSD it is processing still the order of yesterday jump at 67.1… once done further downUSOIL On the Hourly, it is in Bearish (directional) Market Bias. A giant, Short Formed M-shaped pattern had printed out earlier that was drawn out with lines.Within the pattern's 4th leg, a Popgun showed up from high volatility. That means complex consolidation is coming up that makes three major swings that move like a See-Saw. The sequence of swing goes like this: Down-Up-Down.
The Down swing had already begun with the Up swing getting started.
Also, the candles are creating a tall Inside Day for a market pause with no clear direction. Price action can consolidate within this tall pattern until a breakout from either the pattern's high at 68.61 or low at 67.40 (shown as two orange lines).
OILUSD so it’s going down since opex is halting production increase form sept since they believe the demand will be weaker that offcourse means the price will decrease
USOILSPOT Unemployment claims news will be in 45 minutes. Be ready, guys, for EURUSD, USDJPY, BTC, etc.