Hello traders, Description of the analysis: Everyone sees an opportunity in the oil market. Personally, I would not invest in this commodity. There is a surplus of oil, there is no place to store it and no one wants it. It can't stop mining. But investing in the entire XLE energy sector could be interesting. Here are the main S/R zones where the price could...
similar pattern detected between figures A & B potential long set up potential margin of profit 17% in general, patterns tend to repeat themselves, but that doesn't mean they have to. entry signal: buy the bounce if price breaks above SMA200 & confirms SMA200 as new support exit signal: when RSI becomes overextended @ RSI65-RSI70 stop signal any close...
In previous research on bullish WTI I overlaid XLE and observed that there is a cup and handle. Cup and handle or ascending triangle or whatever pattern price zigzag combined with rising WTI says XLE is a bullish continuation. Keep a close eye as that continuation pattern is now pushing against resistance.