USOIL it was awake for a few minutes. Now back to coma mode.West Texas Intermediate vs US Dollar forum
USOIL it was awake for a few minutes. Now back to coma mode.
Crude oil awaits upward breakthrough
USOIL
Idea: Crude oil awaits upward breakt…WTI
USOIL Idea: Crude oil awaits upward breakt…
WTI
USOIL Market Pause:On the Daily, the last two candles created a giant Inside Day to mean a market pause with no true direction.
This is great for scalpers. Price action can consolidate within this until a breakout from the pattern's high at 67.86 or low at 66.60 (shown as orange lines). Watch for either a true or false breakout.
OILUSD looking like a nasty 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 down