7 Dimension Analysis For OIL for TVC:USOIL by Optimum369

Overview: The monthly market structure maintains a bullish stance, holding key supports. On the weekly chart, a valid low was established, accompanied by a strong bearish inducement. While a demand flip occurred, the overall trend remains bearish, marked by a record session count and inside candle price action. The daily time frame reveals a bearish swing structure with impulsive moves, indicating potential further downside.

7 Dimension Analysis

Time Frame: Daily

1⃣ Swing Structure: Bearish

Structure Behavior: ChoCh

Swing Move: Impulsive

Inducement: Suggests potential further downward movement.

Pull Back: No significant pullback observed.

Resistance Zones: Market encounters resistance at every supply zone post- ChoCh, forming a bearish build-up, indicating potential future downside. No traps observed.

2⃣ Pattern

CHART PATTERNS

Continuation

Symmetric Triangle

Shakeout Continuation

CANDLE PATTERNS

Notable Observations:

Momentum candles with Fake out/FOMO.

Tweezer at the internal move top.

Inside candles in the last three days.

3⃣ Volume: Significant volumes observed at the beginning of the move.

4⃣ Momentum RSI:

RSI Below 40: Indicates a super bearish zone with high selling pressure.

Range Shift: Shifted sideways to bearish, suggesting ongoing bearish activity.

Divergence: Hidden bearish divergence present.

5⃣ Volatility Bollinger Bands:

Middle Band Resistance: Strong rejection observed.

Head fake: At the top of the move, indicating a potential deep bearish move.

Entry Time Frame: H1

Entry TF Structure: Bearish

Current Move: Impulsive Bearish

Support Resistance Base: Takes resistance at a significant level.

Candles Behavior: Extremely volatile bearish momentum.

Trend Line Breakout: Confirmed.

Final Comments: Sell at the open.

Decision: Sell

Entry: 75.22

Stop Loss: 78.04

Take Profit: 68.07, 2nd Exit if Internal Structure Changes, 3rd Exit on a trendline breakout or FOMO.

Risk to Reward Ratio: 1:3.5

Expected Duration: 7 days

SUMMARY: The analysis reveals a monthly bullish structure but a weekly bearish inducement. The daily swing structure is bearish with an ongoing impulsive bearish move. Recognized patterns include a symmetric triangle and shakeout continuation. Critical levels, candle patterns, and trendline breakouts were considered for the entry decision. The suggestion is to sell at the open, with detailed entry, stop-loss, and take-profit levels, presenting a risk-to-reward ratio of 1:3.5, and an expected duration of 7 days.