West Texas Intermediate vs US Dollar forum
Crude oil awaits upward breakthrough
USOIL
Idea: Crude oil awaits upward breakt…
WTI
Idea: Crude oil awaits upward breakt…
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.

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.

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.
