Let me be the first to tell you this idea is almost entirely just an idea. I dont claim to have insider info on this. It will likely take years to find out if I am right, so this is mostly just an idea. If Its wrong, do not ride your life savings on it. If its right however, I demand to be called Oil Oracle. Maybe Oilacle. Thats good.
All the calculations there are just me trying to guess where it might bounce if it was to bounce but the key takeaway in my analysis and how I will be playing it is this:
Its in an area of potential resistance. (the box)
Its above an area of potential support. (the other box)
I will be looking for short positions in this top box resistance (if it shows to be strong) AND at the green arrow on the top regardless of when it may reach there, both with tightish stops above.
I will be looking for long positions in this support box (if it shows to be strong) AND at the green arrow on the bottom regardless of when it may reach there, both with tightish stops below.
All the calculations there are just me trying to guess where it might bounce if it was to bounce but the key takeaway in my analysis and how I will be playing it is this:
Its in an area of potential resistance. (the box)
Its above an area of potential support. (the other box)
I will be looking for short positions in this top box resistance (if it shows to be strong) AND at the green arrow on the top regardless of when it may reach there, both with tightish stops above.
I will be looking for long positions in this support box (if it shows to be strong) AND at the green arrow on the bottom regardless of when it may reach there, both with tightish stops below.
Heres another option, 2 taps like previously before in case the trend of up continues. I will still short at the triangle downwards.