Oil Remains Channeled!
Here I have USOIL on the 4Hr Chart!
The beginning of this week seen what was a Fake-Out of the Bearish Break of this Bullish Channel!
Now typically in this case, a Bullish Channel preceded by a Strong Downtrend move signals a Trend Continuation pattern in the potential form of a Bear Flag!
With this possible trade idea, my expectation is that we look for a VALID BREAK to the DOWNSIDE!!
BUT there is always the possibility Oil was able to find enough Support after having visited the 68 - 67 Support Area!!
With that being said, Lets see which way OIL BREAKS?!
The beginning of this week seen what was a Fake-Out of the Bearish Break of this Bullish Channel!
Now typically in this case, a Bullish Channel preceded by a Strong Downtrend move signals a Trend Continuation pattern in the potential form of a Bear Flag!
With this possible trade idea, my expectation is that we look for a VALID BREAK to the DOWNSIDE!!
BUT there is always the possibility Oil was able to find enough Support after having visited the 68 - 67 Support Area!!
With that being said, Lets see which way OIL BREAKS?!
Novi_FIbonacci
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Telegram - t.me/+l3fTcsZu91ZiZDkx
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