Oil = Chop, but now showing a wave structure.
Seems to be in wave C with pullback necessary to retest the 200ema before breaking down out of rising wedge or heading to the resistance line at $85 where the 0.5 fib sits. Large time frame indicators are also extremely overstretched giving further reason for a pullback.
Following the pullback, if we rise further and break through the downtrend line out of the rising wedge it would an extremely bullish indicator and a movement towards $100 (psychological target for many) isn't out the question. However with oil's tendency to chop, there's a chance of a breakdown as well.
Seems to be in wave C with pullback necessary to retest the 200ema before breaking down out of rising wedge or heading to the resistance line at $85 where the 0.5 fib sits. Large time frame indicators are also extremely overstretched giving further reason for a pullback.
Following the pullback, if we rise further and break through the downtrend line out of the rising wedge it would an extremely bullish indicator and a movement towards $100 (psychological target for many) isn't out the question. However with oil's tendency to chop, there's a chance of a breakdown as well.
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.