On the 4 hour time frame oil has been trading in a nice range for about a month. Currently its testing the upper range and this also allows us to draw a new lower range which will lock oil into a corner as you can see.
A break of this upper range can be the start of a nice new bullish wave that will see 48 and above. A break of the new lower range will make oil go down and retest the lower range of the big trading channel.
I pointed out the prices that will justify a break, 43.50 for upper range and 43.00 for a break of the lower range. You can also press the play button on the right side of the chart which will make the new bars appear.
A break of this upper range can be the start of a nice new bullish wave that will see 48 and above. A break of the new lower range will make oil go down and retest the lower range of the big trading channel.
I pointed out the prices that will justify a break, 43.50 for upper range and 43.00 for a break of the lower range. You can also press the play button on the right side of the chart which will make the new bars appear.
הערה:
Today it just closed below the upper range. So no break out yet. We will have to have a bit more patience