Oil Primed For A Parabolic Move
There was a break in market structure to the upside creating a higher high.
Failed breakout of January lows caused a Valley low.
Failed breakout of February highs caused a Peak formation high.
Market Traded back into the lows in 3 pushes and went into consolidation.
Looking for another break to the upside followed by 3 more drives into the low.
Would expect a chart pattern such as a double bottom and an engulfing candle to the upside for entry.
Minimum target is the high of the current year.
If there is a range expansion, 1 full expansion of this years range up to around $92.00
Failed breakout of January lows caused a Valley low.
Failed breakout of February highs caused a Peak formation high.
Market Traded back into the lows in 3 pushes and went into consolidation.
Looking for another break to the upside followed by 3 more drives into the low.
Would expect a chart pattern such as a double bottom and an engulfing candle to the upside for entry.
Minimum target is the high of the current year.
If there is a range expansion, 1 full expansion of this years range up to around $92.00
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