A good trendline should touch 3 times
Just wanted to highlight for you this morning the importance of trendlines. Good trendlines are like a good wine – the older they are the better they become! A 3-month trendline is more important than a 3-week trendline for example. They also help to enforce discipline; they can act as entry or exit zones and they can help with timing.
This one on the Crude Oil continuation chart is an excellent one, it underpins the bull move so far this year and connects 3 points (very important) and is located circa 106.50. Success or failure at the trendline is likely to prove pretty directional for the market and given price action over the past week, to my practiced eye – it looks vulnerable. Failure we suspect would initiate a sell-off towards the 50% retracement (of the move seen this year) circa 96.50.
This one on the Crude Oil continuation chart is an excellent one, it underpins the bull move so far this year and connects 3 points (very important) and is located circa 106.50. Success or failure at the trendline is likely to prove pretty directional for the market and given price action over the past week, to my practiced eye – it looks vulnerable. Failure we suspect would initiate a sell-off towards the 50% retracement (of the move seen this year) circa 96.50.
The STA is the oldest technical analysis organisation in the world and to celebrate that fact, we have a free downloadable book on technical analysis here -
technicalanalysts.com
technicalanalysts.com
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.