On the D1 time frame chart, we can the USOIL price creates a Descending triangle pattern.
The Descending triangle pattern represents the forces of buyers who unable to push the price higher,
And the sellers fighting to push price lower and creates lower highs.
Usually, this fight ended with a breakout of the support below.
As we know, in trading, nothing is guaranteed and the price can also break out the upper line.
Especially these days, when the situation between Iran and western countries is explosive.
Now, I’ll wait to see which border the price will breakout.
If the price will break the support below as expected I’ll look for a fresh supply to sell.
And if the price will surprise by breakout the upper line, I’ll look for a fresh demand that causes this breakout.
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Join Gil Ben Hur as he prepares us for this new year from a Supply and Demand perspective.
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