US OIL WEEKLY CHART - price heading for reversal
We are coming down nicely onto an upward support line. Therefore:
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.
A) Price could keep falling and breakdown towards 42.30 as bearishness & coronavirus fears grips crude
OR
B) Price reversal where bulls look likely to buy back into the market is at about 49.19 and buyers could take it up to $63 approx, despite brinkmanship & health fears. Maybe in time price will arrive at $74 or higher, but that is way ahead in the future to call.
Personally, I favour outcome B to $63. Just look for an entry reason to go with 'B'.
Risk/Reward is bang on Reward 2/1 Risk
Have a great Wednesday traders, and much success!
All comments welcome.