In this video we focus on the current accumulation in the oil chart and the prospect of higher prices ahead .
I highlight how the respect of the previous quinquennial pivots gave us a 45% move to the upside in the past 8 weeks .
Looking ahead on the monthly timeframe we have the following confluences above the current price of $75 .
Above the current pa we have the point of control at $ 88 and the avwap at $97, if we can reclaim the poc I think we will continue to push up to the fib levels that I have mentioned in the video.
In addition to the above we also have the decennial pivots at $107/$112 alongside the value area high .
All of this validates for me why oil will be pushing back up throughout the course of the year .
Tools used in the video
Tr pocket , pivots , fived range volume profile and fib expansion
I highlight how the respect of the previous quinquennial pivots gave us a 45% move to the upside in the past 8 weeks .
Looking ahead on the monthly timeframe we have the following confluences above the current price of $75 .
Above the current pa we have the point of control at $ 88 and the avwap at $97, if we can reclaim the poc I think we will continue to push up to the fib levels that I have mentioned in the video.
In addition to the above we also have the decennial pivots at $107/$112 alongside the value area high .
All of this validates for me why oil will be pushing back up throughout the course of the year .
Tools used in the video
Tr pocket , pivots , fived range volume profile and fib expansion
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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.
Related publications
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.