There is a rising wedge happening.
A rising wedge provides a bearish price indicator that is used to signal a sharp decline if price breakdown occurs.
There is a chance of decline towards 78 as there is room for a downside correction.
Crude Oil: Rising Wedge
USOIL,
1 hour SHORT
Mar 29
12:002812:002912:0069.069.570.070.571.071.572.072.573.073.574.074.5↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 29 Mar 2023
A rising wedge is very close to being completed.
A rising wedge typically identifies reversals in uptrends when price breakdown occurs.
It is likely that extra downside towards 73.6 will take place on a breakout of the rising wedge as extra rangebound not ruled out.
Crude Oil: Bullish Flag
USOIL,
1 hour LONG
May 17
12:001612:001712:0069.669.870.070.270.470.670.871.071.271.471.671.872.072.272.472.672.873.073.273.4↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 17 May 2023
It looks like USOIL creates a bullish flag and the price is close to breaking out soon.
A bullish flag indicates that the price to go long in case if price breaks out.
USOIL to increase bullish potential towards 70.8 as the commodity loses bearish momentum.
A rising wedge is nearing completion.
In case if price breaks through the support, the move could signal that the price to go down.
There is a probability of a bearish price action towards 91.5 as downtrend may continue.
Crude Oil: Bearish Flag
USOIL,
4 hours SHORT
Jun 22
1115202566.567.067.568.068.569.069.570.070.571.071.572.072.573.073.5↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 4H · 22 Jun 2023
The price shows a bearish flag.
Once price breaks out, the resulting move could spot a next move down.
USOIL risks further decline to 70.
Crude Oil: Descending Triangle
USOIL,
1 hour SHORT
Dec 28
2612:002712:002812:0072.072.272.472.672.873.073.273.473.673.874.074.274.474.674.875.075.275.475.675.876.0↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 28 Dec 2023
There is a descending triangle taking place, USOIL asks for a bearish continuation as an indication of a breakdown.
A descending triangle depicts a useful price pattern that can be used to identify a move down in case if price collapses through the support line.
There is a probability of a bearish continuation towards 73.5 as USOIL becomes bearish.
Crude Oil: Descending Channel
USOIL,
1 hour LONG
Nov 17
12:001512:001612:001712:00192012:0072.573.073.574.074.575.075.576.076.577.077.578.078.579.079.5↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 17 Nov 2023
A descending channel has been recognized and the price needs a bullish move for the certainty of breakout.
A descending channel predicts a next move up in case if price breaks above resistance.
A bullish continuation towards the 75 level is likely to happen on a break above 74.4.
Crude Oil: Descending Channel
USOIL,
4 hours LONG
Feb 6
293031Feb 2 4 5 6 7 8697071727374757677787980↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 4H · 6 Feb 2024
A descending channel is close to being finished, the price is ready to break out.
A descending channel often identifies a bullish price move in case if price breaks out to the the upside.
A bullish move towards 74 is likely on a breach of 73.5 as the commodity looks bid.
Crude Oil: Rising Wedge
USOIL,
1 hour SHORT
Mar 7
212:00 312:00 5 612:00 712:00 875.576.076.577.077.578.078.579.079.580.080.581.081.582.0↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 7 Mar 2023
A rising wedge is close to being finished, the price is ready to break out.
A rising wedge often identifies a bullish-to-bearish trend reversal once price collapses through the support line.
USOIL set to accelerate its decline to 79.
Crude Oil: Descending Channel
USOIL,
4 hours LONG
Aug 4
25Aug 676.076.577.077.578.078.579.079.580.080.581.081.582.082.583.083.584.084.585.0↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 4H · 4 Aug 2023
We can see that the price shapes a descending channel, USOIL needs an active move as proof of a breakout.
A descending channel tends to be a price action pattern that can be used to spot that the price will rally further when price breaks through the resistance.
There is a probability of a bullish price action towards the 83 level on a breakout of the descending channel.
Crude Oil: Ascending Triangle
USOIL,
1 hour LONG
Mar 21
12:00192012:002112:002263.063.564.064.565.065.566.066.567.067.568.068.569.069.570.0↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 21 Mar 2023
The price builds an ascending triangle and the price calls for a further bigger move as an indication of a breakout.
An ascending triangle often results in that the price to go up once price breaks through the resistance.
USOIL to extend its rebound to the 68 zone.
Crude Oil: Ascending Triangle
USOIL,
1 hour LONG
Aug 24
12:002312:002412:002578.078.278.478.678.879.079.279.479.679.880.080.280.480.6↓ resistance ↓↑ support ↑breakoutPatterns.ccUSOIL · 1H · 24 Aug 2023
We can see that the price completes an ascending triangle.
If price breaks out to the the upside, the move could identify a further move up.
USOIL to strengthen towards 79.2.
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