Oil setting up at a break higher?
Hi trading view community, hopefully, a great weekend was had by all.
Looking at oil on the 4H chart today, we see a few signs that buyers are trying to get the trend going again. First, we can see that 108.49 resistance has started to become support. Price continues to consolidate, but that consolidation continues to form an ascending triangle pattern. (AT patterns in uptrends can be a sign that buyers could resume the trend if they can confirm a breakout) Lastly, the lowest on our list is that the CCI has moved back above the 0 line. When the CCI is above the 0 line this can indicate that price is in a bullish zone.
From here, we would like to see buyers prove they hold momentum with a break of the pattern. If we do see a confirmation and a new leg higher, we will be watching to see if 116 comes back in as resistance. Failure to break the ascending triangle pattern and or a move back below 108.49 would start us to question buyer strength.
Good trading.
Looking at oil on the 4H chart today, we see a few signs that buyers are trying to get the trend going again. First, we can see that 108.49 resistance has started to become support. Price continues to consolidate, but that consolidation continues to form an ascending triangle pattern. (AT patterns in uptrends can be a sign that buyers could resume the trend if they can confirm a breakout) Lastly, the lowest on our list is that the CCI has moved back above the 0 line. When the CCI is above the 0 line this can indicate that price is in a bullish zone.
From here, we would like to see buyers prove they hold momentum with a break of the pattern. If we do see a confirmation and a new leg higher, we will be watching to see if 116 comes back in as resistance. Failure to break the ascending triangle pattern and or a move back below 108.49 would start us to question buyer strength.
Good trading.