Brent. Weekly candle.
Updated
W:
absorption candle
a large range is not confirmed by an elevated volume.
Further growth is possible, but not for a long time - the market is weak.
Basic levels at the beginning of the week, where I'm looking to set up:
1. previous week's Hi 57.53
If the price goes higher, the LONG input will set up trend continuation (retest, consolidation breakdown, VSA)
If the price bounces, the SHORT input is set up reversal (double top, false break, VSA).
2. basic support level 55.88
This is the target level for a short position,
I'm also starting to look for reversals at this level.
Translated with DeepL.com/Translator (free version)
absorption candle
a large range is not confirmed by an elevated volume.
Further growth is possible, but not for a long time - the market is weak.
Basic levels at the beginning of the week, where I'm looking to set up:
1. previous week's Hi 57.53
If the price goes higher, the LONG input will set up trend continuation (retest, consolidation breakdown, VSA)
If the price bounces, the SHORT input is set up reversal (double top, false break, VSA).
2. basic support level 55.88
This is the target level for a short position,
I'm also starting to look for reversals at this level.
Translated with DeepL.com/Translator (free version)
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.