Haven't posted in awhile but with recent events in the middle east its a good time for oil as volatility will enter the market.
Iran has made a retaliation bombing against the US. We have yet t hear if the US will escalate the situation. We can expect there will be a escalation as I believe due to Intel the US has been preparing for something like this for awhile.
My bias at the moment is long although there is room to push down since these recent rally's has been quite large but expect buying pressure if a move down occurs.
On the chart you will find the consolidation zone and SR lines where the breakout will could occur. Blue lines are for take profits.
Long term there's still room for Higher Highs to make a touch on the top channel line.
Good luck and Happy hunting!
Iran has made a retaliation bombing against the US. We have yet t hear if the US will escalate the situation. We can expect there will be a escalation as I believe due to Intel the US has been preparing for something like this for awhile.
My bias at the moment is long although there is room to push down since these recent rally's has been quite large but expect buying pressure if a move down occurs.
On the chart you will find the consolidation zone and SR lines where the breakout will could occur. Blue lines are for take profits.
Long term there's still room for Higher Highs to make a touch on the top channel line.
Good luck and Happy hunting!
Note
Further breakdown, large volume kicking in so we might see a substantial bounce or further pullback.Note
Note
Almost hit the 3rd target. Take profit as we might get a small correctionTrade closed manually
Closed all trades. Good yield.
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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.