It was a spectular last week for the crude oil . However the same was on expected line on the drawn XABCD pattern. There is a higher chances that following the 1.618 level the oil will take a hit to be good to offer shorting opportunity.
As per the analysis from the support, resitance and price behaviour. Crude oil has performed on the expected line within 2 days of publish.
some rebound after making higher low may point bullish character for the oil. however it would be worth waiting for the price movement for atleast 3 candle sticks on 4H chart around price level 49.92
Trade ist aktiv:
though on Tuesday oil is trading on the expected terms, however it would be cautious to see the volatility for Wednesday.
happy pi of profits!
the overall fundamental sentiment has added to the expected technical analysis. Partial profit booking is being made and the trade is to be closed now.