Trading Analysis

USOIL Formed A Descending Triangle Pattern on D1 Chart

September 4, 2019 | 1:28 pm | The 5%ers' Blog > Trading Analysis
September 4, 2019 | 1:28 pm
The 5%ers' Blog > Trading Analysis

Which One of The Triangle’s Border The Price Will Break First?

Wednesday  04/09/2019

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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