As we are monitoring short opportunities on the lower timeframes, we don't want to overlook this much more interesting long opportunity on this timeframe, as the expected movement will take the price of the commodity around the $ 17.80 area, and possibly around the $ 18.50 area, according to whether it is forming a running or an expanding flat (dashed lines). Another solid reason for not missing this consequent long opportunity is that, potentially, the longer term correction might be entirely over, so it might be the beginning to an even bigger impulse to the upside (although we believe there will be another small leg to the downside before).
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
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