Oil has broken above the 1W Descending Triangle (RSI = 51.237, ADX = 25.508, Highs/Lows = 0.0000) yesterday. This development, coupled with the break-out above the 0.618 Fibonacci retracement level on 1D (RSI = 57.737, MACD = 0.270, Highs/Lows = 1.1179) indicate a strong potential for a long term trend shift to bullish.
61.00 is the next Resistance to test and it remains to be seen if the new Channel can create a symmetrical Higher Low supporting trend line (bold dashed line). Under these conditions, long term traders may target the 63.80 - 66.66 Zone.
See how the mini 1D Descending Triangle traded previously:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
61.00 is the next Resistance to test and it remains to be seen if the new Channel can create a symmetrical Higher Low supporting trend line (bold dashed line). Under these conditions, long term traders may target the 63.80 - 66.66 Zone.
See how the mini 1D Descending Triangle traded previously:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
Telegram: t.me/investingscope
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
