Crude Oil Technical Overview: Falling Wedge Breakout
Crude Oil prices ended the week at 68.50 after testing 64.30 the MA 200 support of the daily charts. Bulls were ready at the main support. After 3 weeks decline, Crude ended the week with the gains.Dollar’s weakness is helping the Crude Oil prices to rise.
On the smaller chart timeframes, Crude Oil ended the week above the SMA 200 which is a good news for the Crude Bulls.
As seen on the H4 chart, price broke out the falling wedge – bullish continuation pattern – at 67.10.
A bearish harmonic XABCD pattern – Total – completed at 69.26 and Crude Oil prices tested 68.25 Fibonacci 23.6 of the CD. If the price breaks below 68.25, 67.90 and 67.50 can be tested.
Stop Loss Of this Long Trade must be below 68.00.
Those levels can be used as buying opportunities targeting 69.50 and 70.25.
Break and close above 70.25 will carry the price 71.50 and 73.30.
Update: We have reached the first target. 175 pips . Idea Updated.
Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
Crude Oil Falling Wedge: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility