Surprisingly, oil prices dipped last week from $53.10 a barrel to $49.30 today despite moving in an upside direction. This decline may provide a good buying opportunity in the coming hours, according to this analysis.
As seen from the previous chart, oil is moving
in a bullish direction over the long term as it breached the four-way trend
line and is also moving in a bullish direction over the medium term as it is on
its way to test the lower line of the ascending channel.
According to the trend lines shown on the chart, 48.00 - 48.50 zones may provide a good opportunity to buy oil until price levels of not less than 53.00, which represents the previous peak.
It is clear on the 1-hour timeframe that the ABCD pattern will be completed
at the 48.10 level, which increases the likelihood of a rally from this price