Crude Oil

A few weeks ago I wrote about a possible scenario with a wide range that is being realized before our eyes. I remembered about it accidentally when I checked the daily time interval. I saw two squares that were superimposed on the chart so long ago that I forgot about them. From the time interval H1 you can see a break in the volume of trading on contracts with the simultaneous breakout of the price in the direction of the trend. On a high time frame you can see a long range formation. When I showed it on the Polish forum for investors, nobody took it seriously, and yet the price continues to go up.

An additional fundamental factor is the fact that the demand for crude oil increases with the unblocking of restrictions in various countries around the world. Unfortunately, this state of affairs does not indicate that any correction would be consistent with the technical analysis which would indicate a full correction after completing the formation. Such an adjustment would have to reach 50% of the entire increase, which is almost impossible nowadays.