In 4H chart, there are 3 patterns hints that oil may rally to some level and drop to hell afterwards.
Blue bearish AB=CD pattern points to a farely high level near 55, the crucial supply zone this year.But it requires positive FA factors to confirm with,eg OPEC allies agree to cut production.
Green bearish cypher pattern is forming CD leg at 52,together with a small red bearish AB=CD , coincides with 52.
If price stand firmly over 50 this quarter, I believe that seasonal factors may help price regain upside momentum.
That is why I posted weekly AB=CD this week, which also points to 55.
Watch out the prices coincides with Gann square.Short high if price fails to stand above 52
Blue bearish AB=CD pattern points to a farely high level near 55, the crucial supply zone this year.But it requires positive FA factors to confirm with,eg OPEC allies agree to cut production.
Green bearish cypher pattern is forming CD leg at 52,together with a small red bearish AB=CD , coincides with 52.
If price stand firmly over 50 this quarter, I believe that seasonal factors may help price regain upside momentum.
That is why I posted weekly AB=CD this week, which also points to 55.
Watch out the prices coincides with Gann square.Short high if price fails to stand above 52
Price successfully hit D point, theoritally we can take big part of the profit.
Also won't be a good ide to set up long right now. Watch out the bearish pattern.
If breaks 55, 57-60 will be the next target zone.