OIL SHMOIL (?)Based off this chart section Oil is bearish :
Descending Triangle
- Price broke out below
Lower Highs
Candlestick Patterns
Price is near the trendline and resistance level which gives confirmation of a trend/pattern.
OIL trade ideas
OIL INDIA LTD HIT A GOOD SUPPORT should turn from here and break the channel which have been forming on low volume. has hit a good support, turned and completed a flat correction wthin the channel. More agressive traders may buy from here, but a good strategy would be to wait for a break of the channel to the upside and a consolidation just above the channel before opening a buy position.
Trend change once it breaks out the triangle.. Bullish Trend change once it breaks out the triangle.. Bullish
OIL INDIA Moving UpRetrace to the 50%
Following elliot wave, waiting for the next push up.
Check out volume as well at the end, picking up. Can see a move up from here.
OIL | Long LevelsIt closed above 50% fibo levels but reversed from 321 which is also the price where either bulls/bears have got activated with full force. In Such situation for intraday traders they can long the position above 316 for first target as 321 or short below 314 for possible target of 312,308.
For positional traders they can initiate their long positions above 321, above which I am considering it to be super bullish, but one can book profits as per own risk & reward. Short term targets have been mentioned.
