As evident from the daily timeframe of WTI oil, the unit has been trending lower since topping at $94.99 in late September 2023, shaped by a series of lower lows and lower highs.
What’s technically interesting right now is the possibility of an AB=CD pattern taking form at $77.80 (denoted by a 100% projection ratio) if price engulfs the $76.14 peak established in late December 2023. Adding to this pattern’s credibility are the surrounding ratios (some Fibonacci, some not) between $78.75 and $78.25.
Ultimately, should further upside materialise, resistance may take form between $78.75 and $77.80, from which the chart may welcome sellers in line with the current downtrend.
What’s technically interesting right now is the possibility of an AB=CD pattern taking form at $77.80 (denoted by a 100% projection ratio) if price engulfs the $76.14 peak established in late December 2023. Adding to this pattern’s credibility are the surrounding ratios (some Fibonacci, some not) between $78.75 and $78.25.
Ultimately, should further upside materialise, resistance may take form between $78.75 and $77.80, from which the chart may welcome sellers in line with the current downtrend.
노트
Harmonic resistance served sellers well!For those who traded the zone and set downside support targets according to the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D, the final profit target was achieved recently.
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면책사항
이 정보와 게시물은 TradingView에서 제공하거나 보증하는 금융, 투자, 거래 또는 기타 유형의 조언이나 권고 사항을 의미하거나 구성하지 않습니다. 자세한 내용은 이용 약관을 참고하세요.