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In the figure, you will also see that the price is now basically normal and has returned to the ascending channel, and although the current price seems to be at a high level, it is still in the bottom area of the ascending channel, so there is still a lot of room for upside in the market outlook. It is the current short-term hovering near 77. Based on historical trajectory analysis, this is only a mid-term point. Although there is certain pressure, it is not too strong. Once it breaks through successfully, it is expected to become a second rise point again. Going up, even if the price goes up to 120 again, it is within the well-documented and expected normal fluctuation range
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Zoom in on the weekly chart. The price began to rise after the fall just touched the upward trend line
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Please refer to the third figure!!
Relying on historical data and morphological analysis, after experiencing the low point of the past year, the market should have a strong rebound, or even an over rise. I predict that it is very likely to break through point B and enter a 5-0 upward pattern; also It is the need to break through the BBD line in the first picture. Although there seems to be pressure at present, as mentioned in the first paragraph of analysis, it is currently only at the bottom of the ascending channel; therefore, if the market outlook breaks through BBD, even if you can’t go To the 1.618 position, but there is still hope when it touches the upper AC area. At that time, D~B will be the range where I will sell short. Of course, since it is looking at the 5-0 rise, then point B is the point to go long again. , Still looking towards new highs
Relying on historical data and morphological analysis, after experiencing the low point of the past year, the market should have a strong rebound, or even an over rise. I predict that it is very likely to break through point B and enter a 5-0 upward pattern; also It is the need to break through the BBD line in the first picture. Although there seems to be pressure at present, as mentioned in the first paragraph of analysis, it is currently only at the bottom of the ascending channel; therefore, if the market outlook breaks through BBD, even if you can’t go To the 1.618 position, but there is still hope when it touches the upper AC area. At that time, D~B will be the range where I will sell short. Of course, since it is looking at the 5-0 rise, then point B is the point to go long again. , Still looking towards new highs
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Therefore, I personally don’t recommend long-term bearish crude oil