Crude Oil: Bullish Counter-trend with Inverse H&S
Weekly Chart: Last week, 
XTIUSD rebounded off a soft weekly support around $72.00, suggesting a potential reversal. My bias on the weekly chart is bullish, as buyers seem to be stepping in at this level.
Daily Chart: While the daily chart is in a downtrend, marked by lower lows (LLs) and lower highs (LHs), it is currently in Phase 2 (an upward move). Given the weekly chart's bullish sentiment, I am comfortable taking long positions on lower time frames, though I will manage trades conservatively since we’re countering the daily trend.
4-Hourly Chart: The 4-hourly chart reinforces our bullish outlook with a confirmed inverse head and shoulders pattern and key support levels. This pattern provides additional confidence in the potential for upward movement.
Trade Plans:
For further details on the fundamental analysis ofXTIUSD, check out my in-depth fundamental analysis: tradingview.com/chart/XTIUSD/iiLuuDku-Crude-Oil-Fundamentals-Analysis-Next-Stop-80/
Note: Keep a close eye on price action at these levels and adjust your strategy accordingly.
Happy trading!
XTIUSD rebounded off a soft weekly support around $72.00, suggesting a potential reversal. My bias on the weekly chart is bullish, as buyers seem to be stepping in at this level.Daily Chart: While the daily chart is in a downtrend, marked by lower lows (LLs) and lower highs (LHs), it is currently in Phase 2 (an upward move). Given the weekly chart's bullish sentiment, I am comfortable taking long positions on lower time frames, though I will manage trades conservatively since we’re countering the daily trend.
4-Hourly Chart: The 4-hourly chart reinforces our bullish outlook with a confirmed inverse head and shoulders pattern and key support levels. This pattern provides additional confidence in the potential for upward movement.
Trade Plans:
- Look for a pullback to the $76.47/36 zone for a potential buy entry. The target should be around $78.00. However, be cautious and manage trades conservatively, as the 78% Fib level is also at $78.00 on the daily chart, which might act as resistance.
- If there is a break and close above $78.00 on the 4-hourly chart, it would confirm further bullish momentum, potentially targeting the next horizontal level around $80.00.
For further details on the fundamental analysis of
XTIUSD, check out my in-depth fundamental analysis: tradingview.com/chart/XTIUSD/iiLuuDku-Crude-Oil-Fundamentals-Analysis-Next-Stop-80/Note: Keep a close eye on price action at these levels and adjust your strategy accordingly.
Happy trading!
Trade chiuso: obiettivo raggiunto
Price did hit the target but unfortunately it didn't give us a proper pullback. Yesterday's close below 61% Fib on daily chart makes hesitant to go long, I'd like a confirmation break and close above that level to go long, potentially targeting $83. Trade attivo
Price did pullback and gave us a chance to enter the market.
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.