"Crude Oil Forms Bullish Pennant – $66 Targets Ahead "
🔹Technical Analysis on WTI Crude Oil (1H Chart)
▪Chart Pattern Formation:
The price action is currently forming a Bullish Pennant Pattern, which often signals a continuation of the prior upward momentum. This indicates potential bullish pressure building up for the next move.
▪Demand Zone:
A strong demand zone has been established around the 61.80 – 62.00 area. Price respected this level previously, suggesting strong buyer interest and a solid support base.
▪Upside Targets:
▫1st Target Area: $65.00
▫Final Target Zone: $65.57
A breakout above the pennant resistance trendline with volume confirmation is likely to push price toward these targets.
▪Conclusion:
As long as the demand zone holds and the breakout sustains, WTI Crude Oil is expected to remain bullish, with $65.00 and $65.57 as the near-term resistance objectives.
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▪Chart Pattern Formation:
The price action is currently forming a Bullish Pennant Pattern, which often signals a continuation of the prior upward momentum. This indicates potential bullish pressure building up for the next move.
▪Demand Zone:
A strong demand zone has been established around the 61.80 – 62.00 area. Price respected this level previously, suggesting strong buyer interest and a solid support base.
▪Upside Targets:
▫1st Target Area: $65.00
▫Final Target Zone: $65.57
A breakout above the pennant resistance trendline with volume confirmation is likely to push price toward these targets.
▪Conclusion:
As long as the demand zone holds and the breakout sustains, WTI Crude Oil is expected to remain bullish, with $65.00 and $65.57 as the near-term resistance objectives.
If this helpful for you, press the like button.
Dagangan aktif
Nota
Nota
Price at demand zone Nota
price gave again respect to demand zone, Nota
Dagangan ditutup: sasaran tercapai
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.