Oil turnaround to upside ?

15 thg 5

Recent developments in the US oil market have sparked optimism among analysts, as prices appear to be finding solid support on a macro trendline when viewed on a weekly timeframe. This suggests that after a period of volatility, oil might be gearing up for upmove.It might check the levels to upside from here with targets of 80,82,84 above.

15 thg 5

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Daily timeframe chart for reference

16 thg 5

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found one short trade here

16 thg 5

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17 thg 5

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Apply buy on dips strategy for intraday one can get its & bits trade but 78.40 area seems good support to hold for buy to get big profit range til 80,82

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80 acheived

21 thg 5

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21 thg 5

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On shorter time frame30 mins timeframe looks bearish but it is testing the area near to weekly time frame trendline again until weekly trendline intact long is valid buy at supports.

21 thg 5

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there is demand zone exists on 77 area where it took support twice rallied to 80 good risk reward

22 thg 5

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Approcahing 77 demand area watch for positive price aciton here to long , if voilates 77 long invalid

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if this stops out long invalid may go test 75 area from here

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24 thg 5

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voilated below 77 closing this idea here , will come up with new one for next week .