Green Regions: Monthly levels
Red regions: Daily levels
Daily trend suggests that Oil will rally up into the range of 64-66.5. However, it will first take a retest around the region of 58.0. The region of 58 is a past resistance turned support level. Then continue the daily trendline up north to the regions of 64-66.5. However, keep in mind that Oil is on an overall downtrend in the monthly timeframe and the region 64.66.5 touches the downtrend line. We will have to observe later in 2020, perhaps May or June, to determine the next direction of Oil.
Currently, I would take a short on Oil into the range of 58. I will exit from that region and observe what Oil does near the support region of 58.0 if it were to test the trendline. Perhaps days of waiting. From there, I will take a Long opportunity into the region of 65.0.
Current Action
Enter price: ~ 60.3~60.5
Exit price: 58.00
Potential pips: 200
Exit time: Mid January to Early February.
Red regions: Daily levels
Daily trend suggests that Oil will rally up into the range of 64-66.5. However, it will first take a retest around the region of 58.0. The region of 58 is a past resistance turned support level. Then continue the daily trendline up north to the regions of 64-66.5. However, keep in mind that Oil is on an overall downtrend in the monthly timeframe and the region 64.66.5 touches the downtrend line. We will have to observe later in 2020, perhaps May or June, to determine the next direction of Oil.
Currently, I would take a short on Oil into the range of 58. I will exit from that region and observe what Oil does near the support region of 58.0 if it were to test the trendline. Perhaps days of waiting. From there, I will take a Long opportunity into the region of 65.0.
Current Action
Enter price: ~ 60.3~60.5
Exit price: 58.00
Potential pips: 200
Exit time: Mid January to Early February.
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.
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.