intermediate trend is up but now trading in sideway
I've set up my TradingView chart for Crude Oil (WTI) in the 1-hour timeframe to understand the current market conditions and potential trading opportunities clearly.
1. Price Levels:
- Right now, the price of crude oil is around $78.217.
- I’ve marked key resistance levels at $80.278 and $79.988. These are the areas where I expect the price might face some selling pressure.
- On the downside, support levels are at $77.557 and $77.550, which could act as a floor if the price drops.
2. Trendlines:
- I’ve drawn a couple of diagonal trendlines that form a channel, showing the range within which the price has been bouncing around.
- These trendlines intersect at several points, which might signal potential breakouts or breakdowns.
3. Volume:
- The volume bars at the bottom are crucial. They show how much crude oil is being traded during each hour.
- Notice the spikes in volume during significant price moves—these often indicate strong market activity and can hint at future price directions.
4. Candlestick Patterns:
- I use candlestick patterns to track price action. Recently, the price has been consolidating around the $78.217 level, which suggests that the market is gathering momentum for a big move.
5. Supply and Demand Zones:
- The shaded areas highlight important supply and demand zones. These zones are where there has been significant buying or selling interest in the past.
- They help me identify potential reversal points and set my stop-loss and take-profit levels more accurately.
6. Support and Resistance Boxes:
- I’ve also drawn boxes around the main support and resistance levels to make them stand out.
- The upper box around $80.278 is a strong resistance zone, while the lower box near $77.550 is a key support area.
This setup helps me keep track of critical price levels and market behavior, making it easier to plan my trades. I rely heavily on these visual cues and patterns to anticipate where the market might head next.
1. Price Levels:
- Right now, the price of crude oil is around $78.217.
- I’ve marked key resistance levels at $80.278 and $79.988. These are the areas where I expect the price might face some selling pressure.
- On the downside, support levels are at $77.557 and $77.550, which could act as a floor if the price drops.
2. Trendlines:
- I’ve drawn a couple of diagonal trendlines that form a channel, showing the range within which the price has been bouncing around.
- These trendlines intersect at several points, which might signal potential breakouts or breakdowns.
3. Volume:
- The volume bars at the bottom are crucial. They show how much crude oil is being traded during each hour.
- Notice the spikes in volume during significant price moves—these often indicate strong market activity and can hint at future price directions.
4. Candlestick Patterns:
- I use candlestick patterns to track price action. Recently, the price has been consolidating around the $78.217 level, which suggests that the market is gathering momentum for a big move.
5. Supply and Demand Zones:
- The shaded areas highlight important supply and demand zones. These zones are where there has been significant buying or selling interest in the past.
- They help me identify potential reversal points and set my stop-loss and take-profit levels more accurately.
6. Support and Resistance Boxes:
- I’ve also drawn boxes around the main support and resistance levels to make them stand out.
- The upper box around $80.278 is a strong resistance zone, while the lower box near $77.550 is a key support area.
This setup helps me keep track of critical price levels and market behavior, making it easier to plan my trades. I rely heavily on these visual cues and patterns to anticipate where the market might head next.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.