Hi Traders! We have Oil double scenario forming at the moment. In the below video you will find a detailed explanation of this double scenario:
Oil W1 Chart:
On the weekly chart the price which was moving higher created multiple false breaks with bearish divergence. Then the price moved lower and created lower lows thus forming a bearish convergence. As per the book scenario we may now expect pullbacks to happen and then we may expect bearish continuation.
Oil H4 Chart:
On the H4 chart the price which was moving lower has created two false breaks with bullish divergence which we may consider as evidences of bullish pressure. We also have a critical zone that has formed which is slightly higher from the current zone. We may now expect the price to move higher and break above this critical zone, we may then expect pullbacks to happen with hidden bullish divergence to form. We may then start looking for buys with more bullish evidences.
Note: It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this double scenario then you can use any setup and strategy that you have in your arsenal to look for bullish or bearish moves and join the trades accordingly.
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