the resistance in yellow is inclined up (on daily), which means for the moment we give privilege to buying instead of selling, moreover, the candles have tested many times the resistance (the ellipses) so it seems to be correct.
If the news is positive, the target of the petroleum will surely be the previous trading range (PULLBACK), so we need some green volumes there to achieve this target. Otherwise, if the resistance is broken, the market would drop.
(note that the last candles's sizes are smaller and smaller + we observe more and more volatility in this market).
If the news is positive, the target of the petroleum will surely be the previous trading range (PULLBACK), so we need some green volumes there to achieve this target. Otherwise, if the resistance is broken, the market would drop.
(note that the last candles's sizes are smaller and smaller + we observe more and more volatility in this market).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.