Let's start considering the situation on the oil market from the weekly timeframe gradually descending to the hourly.
The global picture appears as follows – since 2008, quotes have been in a descending channel with a peak at $ 147 per barrel. In March 2020, pushing off from the lower border of the channel at $ 16, a medium-term uptrend was born, which lasted until September 2022, when the quotes broke the support line and dropped to $ 83. In September 2022, a short-term uptrend was born (point A), which lasted until November 7, 2022 (point B). The trend ended with the classic Head and Shoulders reversal pattern. The subsequent downward trend also did not last long - until November 28 and also ended with the Head and Shoulders model.
It is important to pay attention to the level of resistance of the aircraft, which, according to my expectations, will be overcome with a subsequent goal – the neck line of the first model Head and shoulders.
Have a good trade, guys
The global picture appears as follows – since 2008, quotes have been in a descending channel with a peak at $ 147 per barrel. In March 2020, pushing off from the lower border of the channel at $ 16, a medium-term uptrend was born, which lasted until September 2022, when the quotes broke the support line and dropped to $ 83. In September 2022, a short-term uptrend was born (point A), which lasted until November 7, 2022 (point B). The trend ended with the classic Head and Shoulders reversal pattern. The subsequent downward trend also did not last long - until November 28 and also ended with the Head and Shoulders model.
It is important to pay attention to the level of resistance of the aircraft, which, according to my expectations, will be overcome with a subsequent goal – the neck line of the first model Head and shoulders.
Have a good trade, guys