OIL looks bullish on the monthly and weekly time frame.
It has broken and retested 300 levels.
We can see the cup pattern formation and neckline.
We can measure the depth of the cup and clone it from the neckline for the target upside.
Monthly and weekly RSI are above 60 and crossing 60, respectively. The monthly RSI is inclining. The volume moderately increases as the neckline breaks.
Even if entering the trade just slightly below the CMP (Current Market Price), it can achieve over 4 RRR (Risk to Reward Ratio).
It has broken and retested 300 levels.
We can see the cup pattern formation and neckline.
We can measure the depth of the cup and clone it from the neckline for the target upside.
Monthly and weekly RSI are above 60 and crossing 60, respectively. The monthly RSI is inclining. The volume moderately increases as the neckline breaks.
Even if entering the trade just slightly below the CMP (Current Market Price), it can achieve over 4 RRR (Risk to Reward Ratio).