Clear correction on Crude Oil by ThinkingAntsOk
Main items we can see on the chart:
a) The price has been comprising for almost a month (yellow lines)
b) After the compression, we saw an initial breakout
c) Currently, we have a clear correction above the previous correction
d) From a technical perspective, we are observing a flag pattern (white channel)
e) If the white channel (flag pattern) is broken, we should expect a bullish movement towards the next resistance zone
f) The next resistance zone is 48.00 - 50.00
a) The price has been comprising for almost a month (yellow lines)
b) After the compression, we saw an initial breakout
c) Currently, we have a clear correction above the previous correction
d) From a technical perspective, we are observing a flag pattern (white channel)
e) If the white channel (flag pattern) is broken, we should expect a bullish movement towards the next resistance zone
f) The next resistance zone is 48.00 - 50.00