Oil, potential double top in the making
Atualizado
Oil made a big rally past week or 2, past days it was moving inside of a tight range which resulted in a triangle/flag. Now since yesterday it broke upwards, but so far not a big move up yet. This is a bit premature, but this could mean we have a false break out here.
You can also see a small double top on the left, but unconfirmed so far of course. If we would see a drop to the green zone coming hour or 2, could mean the double top is real. If we see a fast dump below the green, could mean the breakout of the big triangle was a fake and we continue to drop even more.
So at the moment, would say bulls are in favor, but tricky at this point. If we follow the blue line, but in a slow pace, could go towards the 27/27.3. If we see a big fast dump below the green and continue to dump below 27ish as well, good chance a high is set for the coming days and maybe weeks even.
So for now, it's wait and see what happens coming hours.
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Previous analysis:
You can also see a small double top on the left, but unconfirmed so far of course. If we would see a drop to the green zone coming hour or 2, could mean the double top is real. If we see a fast dump below the green, could mean the breakout of the big triangle was a fake and we continue to drop even more.
So at the moment, would say bulls are in favor, but tricky at this point. If we follow the blue line, but in a slow pace, could go towards the 27/27.3. If we see a big fast dump below the green and continue to dump below 27ish as well, good chance a high is set for the coming days and maybe weeks even.
So for now, it's wait and see what happens coming hours.
Don't forget to like if you appreciate this :)
Previous analysis:
Nota
OKay, that was short lived :), well, better safe than sorry. The idea is not off the table yet though, Oil does shake out's all the time, sometimes even more than Bitcoin :), so i am going to keep an eye out for this one, to see if it make a sudden drop or not. Until then, as mentioned above, bulls are in favor. Nota
So it was a shake out it seems. Giving it a try here, small start size, easy stop level at the high, will make it a decent/normal size if i see real confirmationNota
Normally should stay below the red zone now. Also, last day of the week, you dont wanna have big exposure during weekends, Opec did many tricks during weekends past year or 2
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