WTI Crude Oil Stays Above Triple Bottom – Can it Fill the Gap?
Arslan Butt•Wednesday, December 5, 2018•1 min read
Fellas, crude oil is forming a very interesting pattern on the on the 4-hour chart and that’s a triple bottom setup which is supporting it near $51.95. What’s more interesting is, on Monday, the WTI crude oil opened with a massive gap amid G20 Summit and the gap has not been filled yet.
What’s there for us?
Typically, the market fills the gap on the same day or in the coming days, but this opportunity is still not filled. So, here’s what we can expect from oil today.
- Crude oil can continue trading bullish above $52 with a target of $53.45 and $54.
- Conversely, the bearish breakout of triple bottom support $52 can extend a bearish rally until $51.52 and even below this.
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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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