Good evening, here's another view of oil im currently monitoring the 4hr chart. After the retrace from the bearish cypher pattern. Oil retested B leg and bounced back up to the supply zone.
There's a apex that has formed, that is set to be completed by Late Thursday Futures session-Early Friday Futures Session. Oil is showing oversold w/ below the cloud action. I'm anticipating price action to rise into the apex til we get another final confirmed direction for this 4hr trade. There are a lot of traders looking to get into oil long near $65-67, i'm definitely a buyer if we get another chance at that level. However, I believe oil is set to reach $74 per barrel. The conclusion of the Apex trade will dictate if we go higher, or if patient dip buyers will be rewarded.
There's a apex that has formed, that is set to be completed by Late Thursday Futures session-Early Friday Futures Session. Oil is showing oversold w/ below the cloud action. I'm anticipating price action to rise into the apex til we get another final confirmed direction for this 4hr trade. There are a lot of traders looking to get into oil long near $65-67, i'm definitely a buyer if we get another chance at that level. However, I believe oil is set to reach $74 per barrel. The conclusion of the Apex trade will dictate if we go higher, or if patient dip buyers will be rewarded.
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mini crude showing me $74, AD showing an Ascending Triangle
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letting me know the apex trade is in favor of the bulls
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same chart , but 30min view
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triangle very visible now along w/ that apex. remember the 4hr crude mini has an ascending triangle shown by the AD w/ a clear target to $74.50 if you scroll up its the 1st chart...
