Long

Hellena | Oil (4H): Long to resistance area of 84.42.

Updated

Wave “4” traveled a greater distance than I had anticipated. At the moment I expect a small update of the 78.80 low and the beginning of the upward movement with the aim to reach the resistance area of 84.42.

Manage your capital correctly and competently! Only enter trades based on reliable patterns!

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I expect the low of 78.40 to be updated. Probably the road to the target will be long, so we need to find the right point to enter a long position.
But I am sure that the price will give us the opportunity for a great trade many times.

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Colleagues, the price is aiming for the 77.29 support area, and I assume that maybe the price will update the low a little bit lower, maybe at 76.00. In any case, I expect the price to rise in the future. We just need to catch the reversal.

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Colleagues, the price is about to reach the support area. But in any case, I am considering only long positions. Price is taking too long to update the low of wave “4”.

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I believe that the upward movement has already started and the price is unlikely to update the nearest low of 76.88.
I consider only long positions.

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Dear colleagues, in the coming week I do not expect the price to update the local low of 77.29 area. I expect the upward movement to continue.

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Colleagues, I believe that the 76.88 - 79.96 area is a range that price must overcome before it can continue to make a solid move. Of course, I expect the price to break the local high of 79.96 this week, after which we will see the long-awaited upward movement.

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Colleagues! Very important! The price has updated the low, but did not update the high of 76.88 - 79.96 area. This means that the price may sharply start a downward movement. Now the trades are in a profitable state, so the following is a MUST:
I recommend to set trade to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

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Dear colleagues, I will write again that there is a high probability of price decrease, so again I remind you that my trades set to breakeven.
(Breakeven=Risk Free: Move Stop loss to the entry level).

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Well) One more update of the low and I will close this forecast as unworked. But there is still hope for upward movement).

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Colleagues, the deal has been active for almost a month. It is very long, but I expect the upward movement to continue and I think I will close the trades early. It looks like 84.42 is a pretty distant target for price. Still, I don't see the point in closing the trade less than the 82 level.

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Dear Colleagues, I haven't seen such a situation on the oil chart for a long time. In terms of wave analysis, in order to make a new forecast, I need the price to update the minimum or maximum and then consolidate there. But this is not happening - it looks like an expanding triangle, so I can't make another forecast until everything is clear with it)
At the moment the price is back in the support area and I still hope that the price will start an upward movement again)

Hellena_Trade

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