Hi Traders! Oil short term forecast follow up and update is here. On April 12th I shared this “Oil Short Term Forecast And Technical Analysis” post in our blog. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
On the H1 chart too we have a bullish divergence that has formed between the first low that has formed at 95.234 and the second low that has formed at 92.626 based on the MACD indicator which we may consider as evidence of bullish pressure. In addition to this, the ADX indicator gave a bullish signal here at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as yet another evidence of bullish pressure. Until the key support zone (marked in blue) shown in the image below holds my short term view here is bullish. If we get a valid breakout above the high at 98.153 we may then consider it as a validation for the bullish view and may expect the price to move higher further in the short term.
In this pair based on the above-mentioned analysis, my short term view was bullish here and I was expecting the price to move higher further until the key support zone holds. Also, I mentioned that “If we get a valid breakout above the high at 98.153 we may then consider it as a validation for the bullish view and may expect the price to move higher further”. The price action followed my analysis exactly as I expected it to here. The validation for the bullish view which is a valid breakout above the high at 98.153 happened as I expected it to, then the price moved higher further and delivered a fantastic move to the upside.
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Happy Trading!
Arvinth Akash
Traders Academy Club Team.
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