I don’t know if I should believe this because it make unintuitive sense being this time of year and the world coming again to life. But if oil breaks below out 72.50 we could be headed for a bigger drop to a price of 70 and if 70 breaks then maybe 68.
Price has been in blue parallel channel for a long time and now it might break down below lower line of rising wedge. And if it does it will also break a minor support of the yellow dotted line which would also be the beginning of possible new trend on 4h chart. (“Neckline” of a double top). If this is broke then I think we have energy to go below the parallel channel. And Who knows what happens from there. But a possibility I see is a possible retest of a major weekly support at 382 fib at $67.75. This is a line in the sand between further down trend or just a retrace. I don’t know if this will happen but I am prepared if it does. It’s a big opportunity for some major profit.
Happy trading! Be on the alert!
❤️Miss Bunny
Price has been in blue parallel channel for a long time and now it might break down below lower line of rising wedge. And if it does it will also break a minor support of the yellow dotted line which would also be the beginning of possible new trend on 4h chart. (“Neckline” of a double top). If this is broke then I think we have energy to go below the parallel channel. And Who knows what happens from there. But a possibility I see is a possible retest of a major weekly support at 382 fib at $67.75. This is a line in the sand between further down trend or just a retrace. I don’t know if this will happen but I am prepared if it does. It’s a big opportunity for some major profit.
Happy trading! Be on the alert!
❤️Miss Bunny
