Why Oil is forming the important low?
1] Big volumes at the bottom of this (4)-(5) wave. But every new low reaches smaller progress in comparison with the previous one. This is a sign of hidden support (or the wall of BUY Limits).
2] Volumes are exhausting on this down-move. Bears couldn't use the center-line in order to reach a new low.
3] Bullish Breakout of the center-line. Volume (buying pressure) is rising.
What is the outlook?
I expect some bearish impulse from the top-line [4], but the global outlook is more bullish.
1] Big volumes at the bottom of this (4)-(5) wave. But every new low reaches smaller progress in comparison with the previous one. This is a sign of hidden support (or the wall of BUY Limits).
2] Volumes are exhausting on this down-move. Bears couldn't use the center-line in order to reach a new low.
3] Bullish Breakout of the center-line. Volume (buying pressure) is rising.
What is the outlook?
I expect some bearish impulse from the top-line [4], but the global outlook is more bullish.
Check my taplink.cc/chartreadingpro
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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.
Check my taplink.cc/chartreadingpro
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.