Crude Oil Technical Analysis: Potential Bullish Alt-Bat Pattern
The post Crude Oil Technical Analysis: Potential Bullish Alt-Bat Pattern appeared first on ForexAnalytix - Blog.
In this technical analysis report, we will examine the current state of the crude oil market and identify potential bullish and bearish scenarios.
Introduction:
We will analyze the key support and resistance levels, as well as the Fibonacci retracement levels, to gain insight into the market’s future direction.
Market Analysis:
On April 12th, the price of crude oil forged a fractal resistance at $83.47. Since then, the price has declined by 23.73% over the past 21 days, resulting in a test of the support and monthly fractal at $64.21. However, a fresh fractal support was forged at $63.66, and an intra-day resistance seems to be at $69.45 (for now).
Potential Bullish Alt-Bat Pattern:
If the price of crude oil moves below this current support zone, it may reach the major 61.8% Fibonacci retracement level around $57, in alignment with the 113% fib extension, it may craft a bullish alt-bat pattern. This pattern is expected to be $3.10 lower at $53.90. It is interesting to note that the bullish alt-bat pattern is intended to produce a positive move equivalent to 0.382% of the previous bearish movement. This might help crude oil to recover and retest the weekly fractal barrier of $83.47, resulting in a 54.7% bullish move.
Bearish Scenario:
Failure to establish support with the formation of the bullish alt-bat pattern may result in a major decrease in crude oil prices, forcing a test of the April 2020 lows. In this case, a move to the 161.8% Fibonacci level would put crude oil at $20.41, forming the bullish crab pattern at the golden fib.
In conclusion, as a trader or investor in the crude oil market, it is crucial to stay up-to-date with the latest technical analysis and market insights to make informed decisions. Joining a community of like-minded individuals can provide access to valuable information and analysis, as well as a forum for discussion and debate.
We highly recommend joining our chat members at Forex Analytix platform, where traders and analysts share their expertise and insights on a variety of financial markets, including crude oil. By joining our community, you can stay informed and make informed trading decisions in real-time. We look forward to welcoming you to our platform.
Safe Trades,
André Cardoso
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The post Crude Oil Technical Analysis: Potential Bullish Alt-Bat Pattern appeared first on ForexAnalytix - Blog.
