Crude oil is trading up in a parellal channel in long as well as medium term time frame with 20% correction after each move.
It will be against the major trend but with a good risk- reward ration with high probability as its at decade long resistance point.
For last two bounces in daily timeframe it has corrected > 15% after head and shoulder breakdown and retest followed by failure.
This would be the third time that the pattern is likely to be formed. The formation can be completed in next 10-12 trading sessions if it has to work. So keep an eye and if it works out as projected, a great opportunity to go short will be on the cards....
It will be against the major trend but with a good risk- reward ration with high probability as its at decade long resistance point.
For last two bounces in daily timeframe it has corrected > 15% after head and shoulder breakdown and retest followed by failure.
This would be the third time that the pattern is likely to be formed. The formation can be completed in next 10-12 trading sessions if it has to work. So keep an eye and if it works out as projected, a great opportunity to go short will be on the cards....