Crude oil is very close to hitting a major trendline and strong support is expected there. Market is in clear consolidation mode as the MacD is stabilizing at centre. Besides this I can be certain that OPEC (as well as some non-opec members) won't allow this to persist for longer because the price is substantially below their objective. And finally the USD has been quite bearish recently, and if this trend continues then it will aid in supporting oil and gold prices.
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Entry: 47.04 TP: 51.40 SL: 46.14
Risk/Reward (RRR) = 4.89
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Here we go
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Good entry so far
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Took some profits. Now will wait for pullback to add what I have taken off the table. sit tight
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Expecting retrace, then continuation up will add long later
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pulled back nicely from that harmonic, expecting bounce off 47.88 - 47.90
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Bounced earlier than expected now continued move upwards, test the dynamic resistance (triangle), strong resistance is expected here so small pullback is the most likely scenario, followed by a breakout, watch for increasing volume while breaking out
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As promised, we got our pullback, followed by a continuation from 48.38 which was in line with expectations and now we have broken out of the major consolidation area. Now expecting markets to calm a little. Possibly retest of the new support (blue line) tomorrow before we go any further.
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broke $50
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It seems we are forming another bullish flag now, if somehow it failed and drops it could be a healthy pullback and find support at 49.6 area but it goes any further, any lower would be probably be a deeper correction
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target too optimistic for now it seems as strong negative divergence is print. Close