Be ready for a Bullish Scenario on Crude OilToday, we will analyze Crude Oil to understand a possible Bullish movement. Let's go to that.
The main reason we are thinking about a new impulse on Crude oil is that we had a breakout of a Huge Corrective Structure (A perfect ABC pattern, also known as Flag Pattern)
Flag patterns are Continuation structures. That means that they tend to resolve in the same direction as the previous impulse.
-After 80 days of sideways movement, a breakout in any direction should be an interesting item to pay attention to the possible continuation of that impulse. In this case, we had a Bullish Breakout.
- Which is the length of the movement we can expect? To answer that, we will pay attention to the past bullish movements that happened from the current support zone towards the next resistance zone. In this case, we observe a possible target of 48.90 - 51.00. If you have opened long setups, those values should be considered as a take-profit zone.
-The new impulse can take around 40 to 70 days to be completed based on the previous movements.
-Remember: Trade Safe, protect your capital, and always understand what you are doing!
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