Short term Intraday Opportunity
Intraday four-hour chart has formed “Ascending broadening wedge”. Current prices hold nearby resistance area at $ 50.70(3240). The lower high was broken yesterday, which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).
Trailing Support holds at $50(3215). A break below support line could lead the selling pressure towards 49.20 (3160) level.
The crude oil market trend gives us the impression that the lower highs and lower lows are constantly repeated. Since Feb 2017, it’s the first-time crude oil prices break through lower high which is an indication of trend reversal from negative to positive momentum towards 52-55(3333-3500).
Indication: The crude oil price on the daily chart 50-day short term moving average crossed over long term 100 day moving average at $47.40 (3050), indicating bullish momentum.
The view of price action which is a 50-day moving average is likely to crossover 200 day moving average.
Crude oil daily chart has formed “Symmetrical triangle pattern”. Prices have broken the resistance line at $49.50(3175) and the expected short-term target has reached at $ 51(3300). Currently prices hold above the 200 day Moving average line which is a positive indication towards $52-55(3350-3500). Support holds at $50(3215).
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