Crude Oil Ascending Channel Breakout Trade Setup
We have seen that crude oil is in pullback phase after it the ascending channel has broken. We will observe the pullback till its channel support area which may become flip channel resistance.
We will observe the selling signal as shown in the chart below
Copper Trade set up
As we Traded Copper successfully in our last session on 5th July, Now Copper is again arrived at old channel resistance. This is our observation area how price folds here.
If Copper closes above the channel resistance area , then it is supposed to touch next resistance area.
we will see how price reacts in this area.
Lead Trade Setup
It is clearly seen that Lead has arrived at a former resistance area . This is the area where we have to observe potential reversal signal.
Any close above the resistance area will take lead to push upward. We will observe what kind of design price creates here.
Latest Updates on 14th July
Observation in Crude Oil
Yesterday we observed that due to inventory action price was pushed down and again closed below the support area.
If we observe in 4 hour chart price is closed below the support and if you observe in daily chart there is a inside bar formation.
Conclusion : we will observe the price rejection at the support which may become flip resistance in 4 Hour chart as shown below.
4 Hour Chart of Crude Oil is shown below
Updates for Lead on 14 th July
We were interested to find a strong bearish rejection at key resistance in Lead . Obviously price is closed below the key resistance.
But the price signal is not clear at key resistance.
Conclusion : We have to wait here to observe how price folds here.
Daily chart of Lead is below
Updates for Copper on 14th July ;
Price has closed below the channel resistance in daily chart of copper.
But for more probability we have to watch the next price movement in copper.
Latest updates on 15th July
Trade Set Up for CRUDE OIL on 15Th July
As yesterday we discussed that crude oil is below the support in four hour chart . we were eager to see any selling signal at flip resistance in four hour chart.
See the four hour chart below.we can see price is not closing above the support and there is a slight bearish rejection at this area.
Also in Daily chart of crude oil yesterday there is a formation of inside bar which indicates the state of consolidation. Here is the daily chart of crude below.
As per inside bar breakout strategy this might create a high probability situation for crude oil.
Latest Updates for Crude Oil Trade Setup.
As we were expecting inside bar breakout in crude oil , but again the same state of consolidation is continued by creating multiple inside bar.
So overall , Now it is a wait and watch situation in crude oil till the consolidation breaks.
