Categories: Forex Education

OIL Looks Set For More Gains

OIL recently fell sharply, but found support around the $38.00 area. The price is now moving higher, and it looks like there might be a nice buying opportunity. There was a minor bearish trend line on the hourly chart, which was cleared to open the doors for more gains in the near term. Currently, the price is around another trend line, and looks poised to settle above it.

So, if OIL moves higher, completes the wave duplication pattern around $40.0, corrects lower in two waves, then we can look to enter a buy trade.

Technical Analysis

H1– Chart highlighting OIL clearing trend lines and resistance area.

Entry:

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M30– We can enter a buy trade in OIL if it moves higher to complete wave duplication, corrects lower in two waves, forms a breakout pattern and breaks it towards the upside.

Target 1: $40.60
Target 2: $42.00
Stop Loss: Below the last low created

Video Explanation:

Yours,
Vladimir

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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.