This is 1000/usoil chart which is more clear than usoil to tell us what is going on. After the quick decline in the first half year of 2016, 1000/usoil is in a large triangle correction. The wave E is going on now.
We should see a rise for 1000/usoil to complete the wave E which means usoil might have a drop in following weeks.
Good luck for everyone!
Not
1000/usoil has chance of breaking down the neckline and starts the rapid decline without wave E. Buy the pull back of oil is more wise. Trade in long-term is more profitable.
Not
Pay attention to the decline channel.
Not
Oil's move is quite confusion currently. If you are a long-term trader, I suggest waiting for the pull back to go long. If you are a swing trader or short term trader, I see a quick pull back in short term.
Good luck!
Not
It is going to break out of the wedge.
Not
It is in a wave (C) down. It should contain five waves. Target is around 48.8, if it can break out of the wedge.
Not
Really choppy oil. Pay attention to the support line and resistance.
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.