Whats up bros,as you can see the oil price has been bearish recently and now whole new different trend will appear.
Evidence 1,it has rebounded at 50 dollar,which is strong line where every investors check due to the easy number.By easy number i mean some number that is recognizable such as 10,50,100.These number are often checked by investors and become indicator for their position. For example,BTC has the highest price which is 20000 dollar sharp.
2,It looks like it is forming inverse head and shouder.(YELLOW)Well for this theory, we have to look at the open price but it once neglected the Head and shoulder(BLUE) so it will be bullish.
3,"Opec agrees to cut output by 1.2m barrels a day",This is definitely a positive news for the oil price.They are trying to stop it falling down.
So these are the reason why i am having long position in this bitchhhh! we gonna make alotta money with this oil bruh,whole new trend bruhhh. we so rich bitch
@abannari, Very accurate way,well it depends on the way of trading but buying break is nice idea af.I would personally buy if it make rebound and form right shoulder but with small lots then if it break i would buy more tons.