Analysis of the Current Situation on US OIL by ThinkingAntsOk
Use this asa a guide to develop your view on the chart
Main items we can see on the Daily timeframe:
a)Price is on an ascending channel against a relevan resistance zone
b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt.
c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation of the bearish movement towards Target 1 at 51.00
d)IF that level is broken, we will expect a continuation of the bearish movement towards Target 2 at 43.00. We think the price will make a correction on that area before the new bearish movement happens.
Weekly Chart:
Main items we can see on the Daily timeframe:
a)Price is on an ascending channel against a relevan resistance zone
b)Now is a key moment to see if the price is able to go higher or if it fails on the attempt.
c)IF the price fails and the ascending channel is broken below 55.56 we will expect a continuation of the bearish movement towards Target 1 at 51.00
d)IF that level is broken, we will expect a continuation of the bearish movement towards Target 2 at 43.00. We think the price will make a correction on that area before the new bearish movement happens.
Weekly Chart: