Today we will analyze a weekly chart after the price reached our expected target.
The way we analyze the chart is focused 100% on identifying major support resistance zones and forecast the possible scenarios there, either for a reversal movement or a continuation one. Also, we support our analysis by looking at similar situations in the past and understanding what the price did. Without further ado, here is our view on Crude Oil.
a)The price is on a Major support zone. We can see in the past how the price reacted there several times
b)Based on the previous scenarios, we can see that before breaking the current level, the price formed a weekly corrective structure of 2 months duration.
c)Our Short Scenario will be to wait for a clear corrective structure with a similar duration of the previous one, and then we will aim to develop trades to the next support zone at 27.47
d)Our Long Scenario needs the price to reach the 54.5 zones; there we will wait for a quick reaction on a lower timeframe such as 4HS and, we will aim to develop long setups towards the next resistance zone at 61.95
e)We are Swing traders that means that we are focus on catching trends and not inner movements of corrections. That's the reason we wait for clear setups that present high-quality opportunities.
f)Check the link to related ideas if you want to keep learning the way we trade crude oil, Have an amazing week!
The way we analyze the chart is focused 100% on identifying major support resistance zones and forecast the possible scenarios there, either for a reversal movement or a continuation one. Also, we support our analysis by looking at similar situations in the past and understanding what the price did. Without further ado, here is our view on Crude Oil.
a)The price is on a Major support zone. We can see in the past how the price reacted there several times
b)Based on the previous scenarios, we can see that before breaking the current level, the price formed a weekly corrective structure of 2 months duration.
c)Our Short Scenario will be to wait for a clear corrective structure with a similar duration of the previous one, and then we will aim to develop trades to the next support zone at 27.47
d)Our Long Scenario needs the price to reach the 54.5 zones; there we will wait for a quick reaction on a lower timeframe such as 4HS and, we will aim to develop long setups towards the next resistance zone at 61.95
e)We are Swing traders that means that we are focus on catching trends and not inner movements of corrections. That's the reason we wait for clear setups that present high-quality opportunities.
f)Check the link to related ideas if you want to keep learning the way we trade crude oil, Have an amazing week!
