Analysis for swing trade:
See previous post here. Swing trade remains bullish but adding one more shadow at 68.
OPEC meeting on 22 June 2018.
Analysis for day trade:
Bullish with current white week candle.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
See previous post here. Swing trade remains bullish but adding one more shadow at 68.
OPEC meeting on 22 June 2018.
Analysis for day trade:
Bullish with current white week candle.
Notes: Technical Analysis states that previous turning points offer future potential support resistance zones.
1. Attach a horizontal line at each turning point in the past 12 months on weekly chart.
2. These lines leave a shadow.
3. Shadows are not evenly dispersed but tend to be clustered.
4. When multiple shadows confluence in a tight range, there is a dark shadow which will provide strong support resistance.
5. Look for dark shadow to offer next turning point.
6. Price will move quickly through empty spaces or bright areas.
