Three Corrections on Crude Oil, Bullish perspective
Main items we can see on the chart:
a) The price has rallied since the Future Contracts went into negative territory in April 2020
b) Since that movement, we observed the First correction (Corrective Structure 1), and then we had the breakout of it followed by corrective Structure 2
c) Currently, we can see a Third Corrective Structure above the previous two, Supported on an ascending trendline.
d) Our View still bullish towards the next Resistance zone at 47-50
a) The price has rallied since the Future Contracts went into negative territory in April 2020
b) Since that movement, we observed the First correction (Corrective Structure 1), and then we had the breakout of it followed by corrective Structure 2
c) Currently, we can see a Third Corrective Structure above the previous two, Supported on an ascending trendline.
d) Our View still bullish towards the next Resistance zone at 47-50