Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

Oil Technical Analysis and Trading Idea Explained

17 Jan 2023 · 1 min

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Vladimir Ribakov examines oil price structure and finds sellers aren't in control yet. Three consecutive higher highs and lows started from a December bounce, and after a pullback to a demand area, the pattern resumed. He expects the market to continue higher in the near term despite possible short-term dips.

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is a sign that the sellers are not yet in control. If the sellers are not in control, I am checking what is building up here. And what I see, that these 3 higher highs, higher lows we got on the first leg as a bounce of December, uh, got the pullback. And look what happens, we reached back the demand area and the volumes on, as you can see here on this Volume Profile indicator, we got the bounce and now we restarted making the 3 higher highs, higher lows. That's why I think there is a good chance that after some pullbacks, the market will try to continue further. And on the shorter term, there is a good chance that's what we will be