Simply put, we have a nice bearish AB=CD Harmonic Pattern.
On an hourly chart we have a bearish engulfing candle right at the 2.618 BC projection - completing the Potential Reversal Zone (PRZ)
Classically, Take Profits at 38.2% and 61.8% of the AD move.
Warning:
Notice that the downtrend shown might become resistance so make sure to tighten your stops at that level and perhaps take some profits.
On a macro view:
Oil prices have been rising on hopes that president elect Biden simulates the economy - thus increasing demand for oil.
On the other hand, this fast rise in oil prices might also put back online oil wells - thus increasing supply - which should lower prices.
Happy Trading!
USOIL
On an hourly chart we have a bearish engulfing candle right at the 2.618 BC projection - completing the Potential Reversal Zone (PRZ)
Classically, Take Profits at 38.2% and 61.8% of the AD move.
Warning:
Notice that the downtrend shown might become resistance so make sure to tighten your stops at that level and perhaps take some profits.
On a macro view:
Oil prices have been rising on hopes that president elect Biden simulates the economy - thus increasing demand for oil.
On the other hand, this fast rise in oil prices might also put back online oil wells - thus increasing supply - which should lower prices.
Happy Trading!
USOIL
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.
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.