Technical Analysis CL SHORT

Technical Analysis for WTI Crude

Bear with me folks I went crazy with the digital crayons this time.

Date range FEB 2021 - FEB 2022 Indicated by Black Vertical Lines 2px

During the abovementioned time period the price of WTI crude bounced around about 62 USD/Barrel up to the dizzy heights of 95 USD/Barrel have increased by a whopping 50% as indicated in a lovely Red on top of this chart.
Once again during this time period and even a month or so before the price of WTI Crude seem to experience a consolidation phase as indicated in Yellow marker on the chart.
After which the price of WTI Crude up trends for the most part for 68 consecutive days until it reaches a trading volume of 20,800M as indicated by the green rectangles.
At the end of the 68 day period the price of WTI Crude expierences a correction of between 3-5% as indicated in pink marker on the chart.
This is then followed by a uptrend to the previous high at which point the price of WTI Crude expierences another correction of approximately -10% as indicated by the Black downward facing arrows.
The volatily in price of WTI crude also seems to be increasing, somewhat difficult to indicate on the chart but a attempt has been made with the two Blue Diagonal Trend lines 2px
Even though during this time the WTI Crude always expierence new highes, it always seems to revert back and find support 62 or 66 USD/Barrel.
On the 20th day of the month the price of WTI crude seems to be negative for the most part.

Looking at Indicators:

There is a decrease in the volume of buyers as indicated by the last green volume bar, which indicates a decrease in the price of WTI crude.
On the MACD the Blue line seems to be crossing the Red line which indicates a decrease in the price of WTI crude.
On the RSI the contract seems to be overboard and is now at the start of experiencing lower lows which indicates a decrease in the price of WTI crude.

Action: SHORT

The risk to the upside to physiological level 100 USD/Barrel to gain a 5% increase seems unnecessary risk at this point in time, considering the downward probabilities and the believe that it would be momentary.
Chart PatternsTechnical IndicatorsTrend Analysis

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