Crude Oil Ascending Triangle.
CURRENCYCOM:OIL_CRUDE
That "Inverse Support Line" goes back till early February. The last time it cracked that line, the "Inverse Head" (all prices between the 73s and 64s) was formed as a result of it.
And when price reclaimed, back above the 73s (where I went long too), the yellow circle on the right, it became a trigger for a rally. I have posted this on Twitter, when it was sitting at the 73s, and called for this to run till the 80s (where I sold). As expected, this is currently swinging between the recent high levels. Note that all the yellow circles on that line show the mid term inverse supports.
I am expecting a breakout of that Ascending Triangle, but whether it would last or not, is not confirmed yet. Personally, I doubt it will last - But I do expect a breakout of the upper resistance line, and to hit the low to mid 80s. That blue circle is where price broke out above an Ascending Flag. These ascending flags are usually a bearish channel but an upper breakout will turn them bullish, for a while at least 👍
This analysis will have to be updated as soon as time takes it past the current setups.
Watching the low 79s, if it even gets there again, for a possible dip buy, for a short term short squeeze. 👍
IMO.
Cheers and Good Luck 🖖
RockSpear™
That "Inverse Support Line" goes back till early February. The last time it cracked that line, the "Inverse Head" (all prices between the 73s and 64s) was formed as a result of it.
And when price reclaimed, back above the 73s (where I went long too), the yellow circle on the right, it became a trigger for a rally. I have posted this on Twitter, when it was sitting at the 73s, and called for this to run till the 80s (where I sold). As expected, this is currently swinging between the recent high levels. Note that all the yellow circles on that line show the mid term inverse supports.
I am expecting a breakout of that Ascending Triangle, but whether it would last or not, is not confirmed yet. Personally, I doubt it will last - But I do expect a breakout of the upper resistance line, and to hit the low to mid 80s. That blue circle is where price broke out above an Ascending Flag. These ascending flags are usually a bearish channel but an upper breakout will turn them bullish, for a while at least 👍
This analysis will have to be updated as soon as time takes it past the current setups.
Watching the low 79s, if it even gets there again, for a possible dip buy, for a short term short squeeze. 👍
IMO.
Cheers and Good Luck 🖖
RockSpear™
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