Weekly chart:
Light crude oil is in a valid downtrend. In our last analysis of this value, we spoke about the probabilities still being on the lower side. This prognosis did indeed kick in, and the price formed a new low at $ 34.29. With this, the currently valid correction zone is now located between $ 37.75 and $ 50.92. The trend is not yet so mature as to hinder it from continuing further in a downward direction.
Daily chart:
In the daily chart, too, we can see a very young downtrend, whose last correction zone runs between $ 40.06 and $ 43.46. The current correction went to $ 38.28 and started a new movement. However, this movement has not yet been able to develop any power, meaning that a continuation of the correction is currently very likely. But as long as the red correction zone is not exited in an upward direction, the downtrend will remain intact.
Hourly chart:
The last downtrend was broken at $ 36.87 and the price carried on rising directly up to the current high at $ 37.79. The last trading hours in the old year showed a correction, meaning that at the moment, we have no trend in this trend size. There is currently no trade available.
I hope you will remain favorably disposed towards me and always remember: the journey is the reward!
All the best
Markus Gabel
Head of Sales/Trading
AgenaTrader/TradeEscort
AgenaTrader Trading Software
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