Brent Crude Oil: Multiyear(2015-2022) inverted Head and Shoulders triggered at the beginning of this year. Price broke the major downtrendline and subsequently iH&S neckline at 87 (lime) and then skyrocketed to 138. Now pulling back down to the neckline. We could actually see the backtest of the major downtrendline and dip into the S/R Zone 76-68. This would be great buying opportunity. Price shouldn't get much below right shoulder (65.8), otherwise the setup would be invalidated. Will set SL to 60, Target 157.
Check my other stuff in related ideas.
Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
Комментарий
⋅
As per expectations price dropped into the S/R zone 76-68. It just kissed the upper edge, bounced up and now sitting right below the neckline resistance @ 87. I still think we could dip a bit lower to around 71 before the big move to the target @ 157 begins. Local downtrendline remaining intact = bears being still around.
Комментарий
⋅
Check the sharp rejection from the Neckline resistance. This formation of 3 last bars indicating that the bears are in charge big time, new lows to be expected. Dipping deeper into the 76-68 zone most likely.
Great view of the situation with a good description! From a professional point of view, it would be interesting to know in what order, what steps you use when analyzing an asset)