USOIL this thing dead And expecting oil output hike Then how this will recover Price decrease demand will increase Then supply increases then demand will decrease How 🤨
USOIL Trading Tip: On the Hourly, an Outside Day pattern formed, which is named by the Western trading world. It looks exactly like a Bullish Engulfing pattern that is from Japanese Candlestick Analysis. There are stark differences in their dynamics with some similar effects.
In the new hour with the Outside Day pattern, watch to see what forms, either a bullish or bearish candle. The Outside Day is the most volatile and highly erratic of all Western patterns in its effect, so make sure and be ready for changes in candle color and direction. After the bull or bear run is over, you'll see an immediate retrace to its opposite.
Now Compare the Outside Day with a Bullish Engulfing Pattern: In this case, location matters. The Bullish Engulfing pattern by the Japanese needs to be at the bottom of a descent and both of the candle lows serves as a Support Area, if solid, for the bulls to rise from.
WTI classic reversal setup in the making. h4 ranging candle with h1 eg. compression and retest, target range high. (note h1 candle has to close in 15 minutes time for the engulfing to be completed).
USOIL
