Oil: Head & Shoulders Pattern,Heading Back to the $60 Territory?

26 Kas 2023

Hi Fellow Realistic Traders. Here's my latest price action analysis on Oil!

The oil market has recently witnessed a significant head and shoulders pattern breakout, signaling a clear shift towards a bearish reversal scenario. Subsequently, the price has persistently descended below the EMA200 line, affirming the establishment of a robust downtrend. Further underscoring this trend, the Stochastic indicator revealed a bearish divergence, suggesting a potential sustained downward movement towards our target area.

It is essential to note that the analysis will no longer hold validity once the target/resistance area is reached.

Disclaimer:
"Please note that this analysis is solely for educational purposes and should not be considered a recommendation to take a long or short position on $UKOIL."

30 Kas 2023

Not

Breakout of Rising Wedge on H4 Timeframe, Indication of further bearish movement

6 Ara 2023

Not

Breakout impulsively of the multiple rejection area, expect further downside movement

13 Ara 2023

İşlem kapandı: hedefe ulaştı

Hit the first target, we expect a minor correction before continuing its downward movement