Massive development yesterday as Oil broke even below the 76.20 Support of the September 26th Low and reached as low as 75.30 before a massive rebound back to 80.00 that almost closed the day with no losses. This turned 4H neutral again (RSI = 45.032, MACD = -1.560, ADX = 33.080). Since the price broke above the 1H MA50 (yellow) again, we have a confirmed bullish continuation and the target is the 4H MA50 (blue) and 4H MA200 (orange) in extension.
Watch how this is so far the very same Inverted Head and Shoulders bottom into rebound formation as on the September 26th Low. That rebound hit the 4H MA50 and 4H MA200 and formed a Resistance level at 93.65 that was pushed to 93.75 on the November 7th High. We can't yet call for such a high test this time as there is the 1D MA100 (red) posing as a Resistance first, just above the 4H MA200.
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Watch how this is so far the very same Inverted Head and Shoulders bottom into rebound formation as on the September 26th Low. That rebound hit the 4H MA50 and 4H MA200 and formed a Resistance level at 93.65 that was pushed to 93.75 on the November 7th High. We can't yet call for such a high test this time as there is the 1D MA100 (red) posing as a Resistance first, just above the 4H MA200.
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Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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.