Crude has been pretty much skyrocketing again and it probably ain't over yet.
Price has been declining from its top in this falling wedge shape right into a strong trending support line and some notable volatility came right in on that support.
So a potential breakout of the wedge and retest can maybe offer a nice potential long position.
Price has been declining from its top in this falling wedge shape right into a strong trending support line and some notable volatility came right in on that support.
So a potential breakout of the wedge and retest can maybe offer a nice potential long position.
Note
Seen from the daily you can see clearly it has been spiking up on a trending line. Took out some highs and shows room for a potential $89-91 range.Note
Looking good so far. Will see if it can breakout from here. Preferability with a retest and breakout from the range.Note
Well, that's quite the pullback. Lets see if this range or at least the $82 to low range can hold and see if price can try again.Order cancelled
Well, that range didn't hold well.China FUD spooking the markets.
Price broke that upsloping support, so setup is invalid.
Retest of the range might be interesting now to look for shorts.
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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.