Oil Chart for Day Traders & Scalpers 6/16/23
For the short term traders in oil, we continue to buy all dips...
1) Oil needs to close above Wave 2, $70.80 which is B leg of the Bullish Cypher
2) 71.50 is short term resistances for oil, eventually prev. resistances will become support
3) Wave 2 is B leg of the bullish Cypher
4) C leg breakout from the 2nd cup/handle breakout
5) A retrace from $73 could set up a bearish cypher, (buy the dip)
6) Im looking for $75 oil by end of Next Week
1) Oil needs to close above Wave 2, $70.80 which is B leg of the Bullish Cypher
2) 71.50 is short term resistances for oil, eventually prev. resistances will become support
3) Wave 2 is B leg of the bullish Cypher
4) C leg breakout from the 2nd cup/handle breakout
5) A retrace from $73 could set up a bearish cypher, (buy the dip)
6) Im looking for $75 oil by end of Next Week
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by any dip Sunday/Monday
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