Monthly chart.
We can see that the kijun line has slightly crawled
into the cloud, but the candle opened above the line.
Usually this pattern can develop like this, it does not have
an immediate impact for the price to go under the cloud.
We see the Tenkan line sailing higher and we see a very
meaningful trading range of ~$105-$120.
Without vouching for accuracy, I can speculate
as to how this will play out.
Prices will move up into this range and either get
rejected right off the Tenkan line or follow
a multi-month flat inside this range.
Later, the correction will come, and then the void zone
under the cloud will finally start working like a magnet.
But given the extent of the lower boundary of the Kumo cloud,
it is absolutely impossible to say yet whether
this will come in 2024 or 2025 or later.
Crude oil prices are rising this year.
We can see that the kijun line has slightly crawled
into the cloud, but the candle opened above the line.
Usually this pattern can develop like this, it does not have
an immediate impact for the price to go under the cloud.
We see the Tenkan line sailing higher and we see a very
meaningful trading range of ~$105-$120.
Without vouching for accuracy, I can speculate
as to how this will play out.
Prices will move up into this range and either get
rejected right off the Tenkan line or follow
a multi-month flat inside this range.
Later, the correction will come, and then the void zone
under the cloud will finally start working like a magnet.
But given the extent of the lower boundary of the Kumo cloud,
it is absolutely impossible to say yet whether
this will come in 2024 or 2025 or later.
Crude oil prices are rising this year.