USOIL On the Hourly that is in Bullish (directional) Market Bias, the bearish trend is forming a W-shaped pattern.
As the bears attempt a potential breakout from the low of the Inside Day pattern (at 74.97), it may be a fake breakout for the bulls to show up and form the 4th leg of the "W" that would be a long bullish trend for a breakout at the opposite end - the Inside Day's high at 77.10 (shown as an orange, horizontal line), which would fill the upper wick of the giant Shooting Star.
*Side Note: There are 3 layers of strong Support that the bears are moving against: low of Inside Day; the Gap Up; and the S&R Zone beneath both of them.
USOIL If Iran closes the Strait of Hormuz oil will see 130 :) you heard it here folks the disruption begins, fuel prices will also go up which isn’t a good thing.
USOIL On the Hourly that is in Bullish (directional) Market Bias, the bearish trend is forming a W-shaped pattern.
