Bullish WTIUSD - 11 July 2024 - Technical Analysis

Tesla STOCKS

Gold commodity

Crude Oil

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 30 Min time frame chart supports Crude Oil Bullish bias. A break of 82.370 will support the rise towards the target of 83.435 the break of 83.435 would push the price to 84.145.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 71.146
Support S1: 71.133, S2: 71.116 , S3: 71.103
Resistance R1: 71.163 , R2: 71.176 , R3: 71.193

Summary

Instrument :

Crude Oil

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

54%

Entry Level :

82.370

Activation Time :

2024-07-10 15:30

Age :

50 Bars

Progress :

46%

Close Time :

2024-07-11 17:30

Time Frame :

30 Min

Status :

Closed

CHART ANALYSIS

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Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.