• After rallying for more than a week, bulls failed to break above 116 resistance level
• Oil prices have been trading lower for the past 2 sessions but still within an ascending bullish channel
• Next target to the downside comes at a level between 110-111 (trend line support)
• A break of the bullish channel signals fading bullish power and targets 103, 100 and 92.6 respectively
• Longs recommended while still inside the channel with stops below 110
• Shorts to be executed on a successful breakdown from the channel with stops just above the lower trend line and targets listed above
Good luck
• Oil prices have been trading lower for the past 2 sessions but still within an ascending bullish channel
• Next target to the downside comes at a level between 110-111 (trend line support)
• A break of the bullish channel signals fading bullish power and targets 103, 100 and 92.6 respectively
• Longs recommended while still inside the channel with stops below 110
• Shorts to be executed on a successful breakdown from the channel with stops just above the lower trend line and targets listed above
Good luck
Note
02-06-2022 target 110 was hit as expected, acted as a support and from there prices are pushing higher inside the channelNote
92.6 target hit
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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.
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.