The recent test of sub-$70 oil prices appears to have been met with significant buying interest, potentially setting the stage for a reversal back above the $77 mark. The presence of a long wick followed by an inside bar could signal further upward momentum.
Bull Case:
There's strong evidence of support, particularly from the buying activity observed a few days ago. Although we remain in a bearish stance, having not closed above $77.58, breaching this level could set us on a direct path towards retesting the $95 level.
Bear Case:
However, it's critical to consider the inability of oil prices to break through the monthly or weekly downtrend angles. The notion of retesting $95 seems overly optimistic at this stage. It's more realistic to anticipate a rebalance at the bearish candle, tempering expectations. The $77.58 mark could act as a formidable barrier, potentially driving prices back down to around $67.
Conclusion:
The market is currently exhibiting a wedging pattern, which is generally unfavorable for long-term positions. Should we witness an opening and closing above this bearish order block, it may pave the way for a retest of the $80 levels.
Bull Case:
There's strong evidence of support, particularly from the buying activity observed a few days ago. Although we remain in a bearish stance, having not closed above $77.58, breaching this level could set us on a direct path towards retesting the $95 level.
Bear Case:
However, it's critical to consider the inability of oil prices to break through the monthly or weekly downtrend angles. The notion of retesting $95 seems overly optimistic at this stage. It's more realistic to anticipate a rebalance at the bearish candle, tempering expectations. The $77.58 mark could act as a formidable barrier, potentially driving prices back down to around $67.
Conclusion:
The market is currently exhibiting a wedging pattern, which is generally unfavorable for long-term positions. Should we witness an opening and closing above this bearish order block, it may pave the way for a retest of the $80 levels.
액티브 트레이드
Bear Case won... I made a load of money to the downside ... If you caught this please DM me your success
Sometime you have to take a step back to make a better step forward.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
Sometime you have to take a step back to make a better step forward.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.