Oil bull flag, going into potential ABCD pattern.
Oil is now flagging on the 4H chart, and consolidating above the 200sma.
If there is a breakout of the flag, i expect price to go up and challenge the 200sma on the daily chart (52$)
The harmonic ABCD pattern comes in at 54.80 and the full harmonic 1.618% is at 56.40.
The big diagonal line is a weekly countertrendline, so that will be a interesting object in the coming weeks.
A close below 43$ will signal a new short, with first target at 38.5$
If there is a breakout of the flag, i expect price to go up and challenge the 200sma on the daily chart (52$)
The harmonic ABCD pattern comes in at 54.80 and the full harmonic 1.618% is at 56.40.
The big diagonal line is a weekly countertrendline, so that will be a interesting object in the coming weeks.
A close below 43$ will signal a new short, with first target at 38.5$