Crude Oil (1 Hour Timeframe)
Pattern: Double top spotted in crude oil.
Bearish Indicators Identified: Crude oil is trading within a falling wedge pattern, hinting at potential for a bearish breakout. The price is testing key support zones while repeatedly rejecting at the resistance.
Fundamental Outlook: Weaker-than-expected Chinese demand and Fed rate cut expectations are applying downward pressure on crude prices, although OPEC+ production cuts continue to provide support.
Key Levels: Watching for movement below 6040 for confirmation of bearish trend continuation.
Targets: 6000, 5900, 5850
Breakout Confirmation: A strong move below 6040 will confirm the breakout. Above 6200 could signal reversal.
Risk Management: Set stop losses to manage risk.
Disclaimer: This is a technical analysis and should not be considered financial advice. Trading involves risk, and past performance is not indicative of future results.
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Pattern: Double top spotted in crude oil.
Bearish Indicators Identified: Crude oil is trading within a falling wedge pattern, hinting at potential for a bearish breakout. The price is testing key support zones while repeatedly rejecting at the resistance.
Fundamental Outlook: Weaker-than-expected Chinese demand and Fed rate cut expectations are applying downward pressure on crude prices, although OPEC+ production cuts continue to provide support.
Key Levels: Watching for movement below 6040 for confirmation of bearish trend continuation.
Targets: 6000, 5900, 5850
Breakout Confirmation: A strong move below 6040 will confirm the breakout. Above 6200 could signal reversal.
Risk Management: Set stop losses to manage risk.
Disclaimer: This is a technical analysis and should not be considered financial advice. Trading involves risk, and past performance is not indicative of future results.
IF THIS WILL HELP YOU, PLEASE LIKE THE POST ❤️
Trade attivo
Crude oil has dropped +120 points so far and continues to fall 📉. Keep an eye on the levels for further opportunities!
Nota
Next support 5720
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.