Oil has been trading on a 4H Descending Triangle (RSI = 32.603, MACD = -0.400, Highs/Lows = -1.0093) with symmetrical Lower Highs (red arrows) and a clear 53.00 - 52.90 Support Zone. Since mid August every Golden Cross formation marked an upcoming Top (Lower High) while every Death Cross marked an upcoming Bottom (4H Support test).
The price just made contact with the 4H Support and technically is on the ideal buy level. Our TP is 55.10 (interim rejection point from last Support bounce) and under conditions 56.50 in extension (expected Lower High).
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The price just made contact with the 4H Support and technically is on the ideal buy level. Our TP is 55.10 (interim rejection point from last Support bounce) and under conditions 56.50 in extension (expected Lower High).
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
