Categories: Technical Analysis

Anticipating bullish break in Oil

The commodity has formed a clear down trend well seen on the H4 chart. The plan here is to wait for a clear break above this down trend line and the resistance zone around 46.50. This should push price to 50.00 and higher. It is important to remember that we can see lower levels from here, so please wait for clear break and confirmation of the down trend line and resistance before entering.

Technical Overview:
H4 – trend line and support

Entry:
H4 – Wait for break of the down trend line and the resistance zone around 46.50, confirmation of the break and then go long.
Target 1: 49.00
Target 2: 51.00
Stop Loss: below 46.50

Video Explanation:

Yours,
Vladimir

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.