🛢️ Oil Gathers For A Breakout 🛢️

🛢️ Oil Gathers For A Breakout

🛢️ Nearest strong support zone: around the 0.5 level of the entire upward wave.

🛢️ Nearest strong resistance zone: around local peaks.

🛢️ Technical environment:

- Moving averages: Downtrend

- MACD: Uptrend

- RSI: Uptrend

🛢️ Price action: oil has the potential to break out of current levels, this can be seen exactly from the price formation and the strong defense of buyers around $70 per barrel, the price is heading south again so far as for me it looks like gathering strength before the upcoming breakout. The nearest significant support zone is the 0.5 level we will see how the price will react when it gets there.

🛢️ The scenario I'm playing out is to wait for the downward correction to end and join the uptrend. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

🛢️ Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

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