intermediate trend is up but now trading in sidewayI've set up my TradingView chart for Crude Oil (WTI) in the 1-hour timeframe to understand the current market conditions and potential trading opportunities clearly.
1. Price Levels:
- Right now, the price of crude oil is around $78.217.
- I’ve marked key resistance levels at $80.278 and $79.988. These are the areas where I expect the price might face some selling pressure.
- On the downside, support levels are at $77.557 and $77.550, which could act as a floor if the price drops.
2. Trendlines:
- I’ve drawn a couple of diagonal trendlines that form a channel, showing the range within which the price has been bouncing around.
- These trendlines intersect at several points, which might signal potential breakouts or breakdowns.
3. Volume:
- The volume bars at the bottom are crucial. They show how much crude oil is being traded during each hour.
- Notice the spikes in volume during significant price moves—these often indicate strong market activity and can hint at future price directions.
4. Candlestick Patterns:
- I use candlestick patterns to track price action. Recently, the price has been consolidating around the $78.217 level, which suggests that the market is gathering momentum for a big move.
5. Supply and Demand Zones:
- The shaded areas highlight important supply and demand zones. These zones are where there has been significant buying or selling interest in the past.
- They help me identify potential reversal points and set my stop-loss and take-profit levels more accurately.
6. Support and Resistance Boxes:
- I’ve also drawn boxes around the main support and resistance levels to make them stand out.
- The upper box around $80.278 is a strong resistance zone, while the lower box near $77.550 is a key support area.
This setup helps me keep track of critical price levels and market behavior, making it easier to plan my trades. I rely heavily on these visual cues and patterns to anticipate where the market might head next.
