Are you ready to make informed decisions in the stock market? At Extreme Investor Network, we provide you with unique insights and analysis to help you navigate the complexities of trading. Let’s take a closer look at the current state of the market:
Bearish View
When considering the bearish side of the market, it’s important to note that Crude oil broke down from a large symmetrical triangle in early December. While there was a brief rally back into the pattern structure, the price subsequently dropped below the triangle and has remained there. This suggests a potential bearish continuation of the triangle breakdown. Additionally, a head and shoulders continuation pattern has formed since the breakdown, further reinforcing the bearish view.
Breakdown Triggers Below 65.65
A decisive breakdown through the bottom of the triangle at 65.65 could trigger a bearish continuation of the trend. The next target levels to watch for are around 69.82 to 63.30. These levels coincide with potential support around the long-term downtrend line and are key indicators of the bearish momentum in the market.
Upside Breakout Targets 73.27
On the upside, a breakout above 73.27 could lead to a rally towards the 61.8% Fibonacci retracement at 74.60. This price area also coincides with the convergence of two trendlines, creating a resistance zone that traders should keep an eye on.
At Extreme Investor Network, we provide in-depth analysis and expert insights to help you stay ahead of the market trends. Don’t forget to check out our economic calendar for a comprehensive overview of today’s economic events. Make informed decisions and maximize your trading potential with Extreme Investor Network.