CRUDEOIL - Symmetrical triangle breakout on the horizon

4 ngày trước

Crude Oil Update (4-Hour Timeframe)

Chart Overview:
Crude Oil is trading within a symmetrical triangle pattern, with both lower highs and higher lows converging, signaling potential for a breakout soon.

The price has rejected the upper trendline (around 5895) multiple times, highlighting it as a critical resistance level.

EMA Analysis: The price is hovering near the 55 EMA (5836), indicating indecision. A close above this EMA could push the price higher.

Trading Plan:
Entry Long: Above 5900
Target 1 - 6002
Target 2 - 6138

Entry Short: Below 5744
Target 1 - 5450
Target 2 - 5500


Risk Management: Maintain a stop-loss below the triangle's lower boundary for long positions and above the upper boundary for short positions.

Disclaimer: This technical analysis is for informational purposes only and does not constitute financial advice. Always trade responsibly and manage your risks effectively.