Structure: Downtrend
Moving Average: Downtrend
Trendline: Daily TF Uptrend Line holds
Pattern: Small Head & Shoulder at 1H TF
Trigger: Bullish Candle proves rejection at current area
Support: 57.80
Resistance: 59.70, 60.00
Oil went down straight without correction
Price finally failed to break down 57.85 support area with multiple attempts
A strong bullish candle means that price possibly retraces to test 200 SMA resistance
Buy at 58.40
SL: 57.30
1st Target: 59.70
2nd Target: 60.60
remember only to take half position or lower risk because it's a counter-trend trial.
Moving Average: Downtrend
Trendline: Daily TF Uptrend Line holds
Pattern: Small Head & Shoulder at 1H TF
Trigger: Bullish Candle proves rejection at current area
Support: 57.80
Resistance: 59.70, 60.00
Oil went down straight without correction
Price finally failed to break down 57.85 support area with multiple attempts
A strong bullish candle means that price possibly retraces to test 200 SMA resistance
Buy at 58.40
SL: 57.30
1st Target: 59.70
2nd Target: 60.60
remember only to take half position or lower risk because it's a counter-trend trial.