Good evening traders,
Crude oil has seen a bullish breakout from a bull flag pattern. However, we are possibly seeing a 5th wave top setting up at the moment, inside a rising wedge formation.
Due to positive vaccine news and the global economy coming back online in the near future, the long term picture remains bullish for crude oil.
However, the short term picture could see a pullback due to the technical structures.
We are waiting for a breakdown from the rising wedge formation to enter a sell position.
Stop loss will need to go above the most recent swing high.
Any thoughts or comments are welcome.
Crude oil has seen a bullish breakout from a bull flag pattern. However, we are possibly seeing a 5th wave top setting up at the moment, inside a rising wedge formation.
Due to positive vaccine news and the global economy coming back online in the near future, the long term picture remains bullish for crude oil.
However, the short term picture could see a pullback due to the technical structures.
We are waiting for a breakdown from the rising wedge formation to enter a sell position.
Stop loss will need to go above the most recent swing high.
Any thoughts or comments are welcome.