Chart Overview (30-Minute Timeframe)
Instrument: Crude Oil Futures (OIL)
Current Price: ~$64.77
Recent Trend: Strong bearish drop followed by consolidation
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🔺 Key Patterns & Structures Identified
1. Descending Triangle (Current Price Action)
The current price is tightly compressed within a descending triangle, with a horizontal support near $64.70 and a descending trendline from the recent highs.
Bearish bias is typical in this pattern, but a breakout to the upside is possible, especially with bullish volume or news catalysts.
2. Previous Breakdown
A sharp decline occurred from a resistance zone around $78.00 (highlighted in red).
This breakdown was decisive and fast, breaking through former support levels (green zone around $68–$69).
3. Support Zone Holding
The support at ~$64.70 has been tested multiple times but is still holding, suggesting buyer interest at this level.
4. Volume/Volatility Contraction
Price is consolidating in a tight range between ~$64.5 and ~$65.3.
This compression of volatility often precedes a significant breakout or breakdown.
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🔁 Possible Scenarios
✅ Bullish Breakout
Trigger: Break above the descending trendline (~$65.3–$65.5).
Target: Revisit prior support zone at $68.00, possibly higher.
Confirmation: Strong bullish candle with increased volume.
❌ Bearish Breakdown
Trigger: Break below horizontal support at ~$64.70.
Target: Possible drop toward $62.00–$61.00, depending on momentum.
Confirmation: Strong bearish candle closing below support with high volume.
Instrument: Crude Oil Futures (OIL)
Current Price: ~$64.77
Recent Trend: Strong bearish drop followed by consolidation
---
🔺 Key Patterns & Structures Identified
1. Descending Triangle (Current Price Action)
The current price is tightly compressed within a descending triangle, with a horizontal support near $64.70 and a descending trendline from the recent highs.
Bearish bias is typical in this pattern, but a breakout to the upside is possible, especially with bullish volume or news catalysts.
2. Previous Breakdown
A sharp decline occurred from a resistance zone around $78.00 (highlighted in red).
This breakdown was decisive and fast, breaking through former support levels (green zone around $68–$69).
3. Support Zone Holding
The support at ~$64.70 has been tested multiple times but is still holding, suggesting buyer interest at this level.
4. Volume/Volatility Contraction
Price is consolidating in a tight range between ~$64.5 and ~$65.3.
This compression of volatility often precedes a significant breakout or breakdown.
---
🔁 Possible Scenarios
✅ Bullish Breakout
Trigger: Break above the descending trendline (~$65.3–$65.5).
Target: Revisit prior support zone at $68.00, possibly higher.
Confirmation: Strong bullish candle with increased volume.
❌ Bearish Breakdown
Trigger: Break below horizontal support at ~$64.70.
Target: Possible drop toward $62.00–$61.00, depending on momentum.
Confirmation: Strong bearish candle closing below support with high volume.
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Join telegram channel free ..
t.me/+zOlIssFOXrtlNWE0
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit ..
t.me/+zOlIssFOXrtlNWE0
t.me/+zOlIssFOXrtlNWE0
Forex, Gold & Crypto Signals with detailed analysis & get consistent results..
Gold Signal's with proper TP & SL for high profit ..
t.me/+zOlIssFOXrtlNWE0
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.