The past couple of trading days we have seen crude oil falling off a cliff. Down 12.5% in 8 days to be exact. We are now in a zone of demand and the buyers will be stepping in now and will continue to scale in until/if we make it to the lower buy target (noted by the green arrow).
If we lose the zone that we are currently trading in then we will visit the next area of massive demand and multi-trend confluence.
I will post an image below of a zoomed out version of this chart so you may observe the next level.
Trade safe!
If we lose the zone that we are currently trading in then we will visit the next area of massive demand and multi-trend confluence.
I will post an image below of a zoomed out version of this chart so you may observe the next level.
Trade safe!
Note
Note
Note
Crude has slipped past the first key support, next up $67!Note
Note
Entered a modest long.Note
Still looking good, a micro double bottom has formed. I added on the back test double bottom.Note
Interesting to see this idea play out
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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.