Oil is currently trading sideways within the 1D MA200 (orange line acting as a Support) at 57.40 and the 1D MA50 (blue line acting as a Resistance) at 58.90. This is basically the price attempting to create a Support Zone following the 65.70 High after the Iranian tensions (1D turning neutral because of this consolidation with RSI = 44.650, MACD = -0.250, ADX = 33.237).
This price action has created a Rising Wedge (displayed by the dashed red lines). A key characteristic is that every time its RSI hits the dashed line shown on the chart it reaches a bottom and gradually starts rising again. Assuming the 1D MA50 breaks, then this scenario (gradual rise on the Wedge's Higher Low line) becomes valid. Our Target remains 66.00 (close to the April 23rd High).
A break below the 57.40 S1 however risks further drop to Support 2 = 55.00 and if that breaks as well then total reversal towards the 1W Support.
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This price action has created a Rising Wedge (displayed by the dashed red lines). A key characteristic is that every time its RSI hits the dashed line shown on the chart it reaches a bottom and gradually starts rising again. Assuming the 1D MA50 breaks, then this scenario (gradual rise on the Wedge's Higher Low line) becomes valid. Our Target remains 66.00 (close to the April 23rd High).
A break below the 57.40 S1 however risks further drop to Support 2 = 55.00 and if that breaks as well then total reversal towards the 1W Support.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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I trade Crypto, Forex, Indices & Commodities all from one account on PrimeXBT with TradingView charts
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Register here👉 investingscope.s.gy/PrimeXBT
Contact me for Account Management (+15% monthly profit)
Telegram👉 t.me/investingscope
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.