US OIL WEEKLY CHART - price heading for reversal
We are coming down nicely onto an upward support line. Therefore:
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.