US Oil Breakout Coming?
Oil showed a nice downtrend displaying lower highs and lower lows, and when we hit the 55.50 zone, we began to base.
You can say we did make a range/bottoming pattern. It shows us the trend exhausted.
After breaking above the lower high swing at 56.80, there was a chance we could see an uptrend (or range).
I like the bottoming pattern we do have here on the 4 hour chart. If we get a break above the 57.50 zone I would assess the trade for a long. Ideally, I would like to see a bit of a pullback before breaking higher. This creates a higher low for us.
The 60 zone would be a good spot for targets.
You can say we did make a range/bottoming pattern. It shows us the trend exhausted.
After breaking above the lower high swing at 56.80, there was a chance we could see an uptrend (or range).
I like the bottoming pattern we do have here on the 4 hour chart. If we get a break above the 57.50 zone I would assess the trade for a long. Ideally, I would like to see a bit of a pullback before breaking higher. This creates a higher low for us.
The 60 zone would be a good spot for targets.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.