Are you keeping a close eye on the stock market trends and looking for potential opportunities to maximize your investments? Well, you’re in luck because we have exclusive insights from Extreme Investor Network that will help you stay ahead of the game.
Bullish Signal Above 79.45
Today’s high of 79.45 is a key level to watch for a potential bullish signal in the market. Traders are ready to capitalize on any weakness in the market to enter or add to their positions in anticipation of a rally. The support at today’s low of 77.06 provides clear guidance, but if it is broken, the bullish scenario may be put on hold.
Furthermore, in the weekly chart, a bullish setup is in the works. If crude oil maintains its strength through the week, a bullish hammer candlestick pattern will form, signaling a potential breakout above this week’s high of 80.35.
Symmetrical Triangle Breakout Could Trigger Soon
The recent attempt to break out above the downtrend line in early July was unsuccessful, leading to the current retracement. However, today’s low may mark the end of this retracement as crude oil gears up for another breakout attempt. The trendline represents the top boundary of a symmetrical triangle consolidation pattern, hinting at a potential upside breakout with increased volatility.
Rising ABCD Pattern Targets 86.50 Initially
As the retracement potentially comes to an end, a new rising ABCD pattern has emerged on the chart, with an initial target of 86.50. This target is highly probable as the CD leg is 78.6% of the AB leg, deviating from the standard 100% target. The ultimate target from the pattern is at 89.07, indicating further potential gains in the market.
Stay tuned for more expert insights and tips from Extreme Investor Network to navigate the stock market with confidence and make informed investment decisions. Let us guide you towards success in the world of trading and investing.