I expect brent crude oil prices to bounce at the 70.667 level after a heated sell. The sell was because of a continuation of the rejection of the monthly time frame descending trendline. I had predicted this sell trade more than a month ago, after i saw those massive peaks on the monthly chart, but i guess i forgot all about it. The 70.667 level also happens to be support level which reversed to become a resistance level. Now, we wait to see if the price will reject this level resistance again
Anyways, i think after the short buy, the sellers might enter again to test the unconfirmed up trendline on the lower timeframe. We might end up having something like a head and shoulders pattern.
Ichimoku Sqvad
Anyways, i think after the short buy, the sellers might enter again to test the unconfirmed up trendline on the lower timeframe. We might end up having something like a head and shoulders pattern.
Ichimoku Sqvad