Oil Consumed Demand
On the intraday chart is a consideration of supply and demand.
The demand zone has been tested twice, the second occasion has penetrated deeper into the zone.
Considering a rally to test the existing Supply Zone, before a 3rd Test on the Demand Zone which is likely consumed,
and to see a breakout.
Recent pinbars in Demand zone
1. Pinbar rejection of 86.30
2. Inside Bar - for the last few candles.
The mother bar will help determine direction. To go long you would want a bullish break above the fakeout candle ie. above 89.30.
The demand zone has been tested twice, the second occasion has penetrated deeper into the zone.
Considering a rally to test the existing Supply Zone, before a 3rd Test on the Demand Zone which is likely consumed,
and to see a breakout.
Recent pinbars in Demand zone
1. Pinbar rejection of 86.30
2. Inside Bar - for the last few candles.
The mother bar will help determine direction. To go long you would want a bullish break above the fakeout candle ie. above 89.30.
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