Crude Oil is showing a strong possibility of a reversal move to the Up Side as of now. In this blog post, we will analyse the possible up move of Commodity Oil which is trading at a 3,026.7 level as of now.
The chart which we will use for Commodity Oil is a weekly chart as shown. Recently Commodity Oil has plunged from a high of 6,546.5 (printed on week number 2, i.e. 06-Jan-2020) to the lowest point of 2,052.2 (printed on week number 12, i.e. 16-Mar-2020). This is a humongous drop of 68.65% in value within last 3 months.
While falling down this huge 6,546.5 Commodity Oil did break the previous support of 4,243.9 which was printed by Commodity Oil on week number 52, i.e. 24-Dec 2018.
Now Commodity Oil is following our “Crack & Snap-Back” rule when the price of Commodity Oil broke the low of week number 3, i.e. 18-Jan-2016 at 2,758.1 recently on week number 12, i.e. 16-Mar-2020 but immediately reversed back last week, i.e. week number 14 from 30-Mar-2020 to 3-Apr-2020.
Now at the time of writing this post, Commodity Oil has printed a solid Candlestick Reversal Pattern and is trading at 3,026.7 level. This Bullish Candlestick Reversal Pattern is in the form of “Morning Star” completed on 03.04.2020 has the possibility to push the price of Commodity Oil to the following levels:
1. 3,112.9 price level,
2. 3,356.1 price level,
3. 3,769 price level,
4. 4,161.6 price level,
5. 4,243.9 price level as shown on the chart.
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