WTI crude oil prices may be reversing from the decline as the commodity price formed an inverted head and shoulders pattern on the hourly time frame. Prices have yet to break above the neckline around $74 a barrel to confirm the uptrend, and may be followed by a rebound of the same height as this pattern. However, technical indicators suggest that this decline will continue. The 100 SMA is below the 200 SMA, indicating that the path of least resistance is to the downside or that a sell-off is more likely to gain traction rather than reverse. The stochastics are also pointing downwards, indicating that selling pressure is building while buyers take a break.
Similarly, the RSI is moving downwards, indicating bearish momentum is building, and the oscillator has plenty of room to move lower before indicating oversold. In this case, crude oil is likely to continue to follow the trend with sellers in control and may test lows of $70 per barrel. Personal suggestion: go short on the rebound
Similarly, the RSI is moving downwards, indicating bearish momentum is building, and the oscillator has plenty of room to move lower before indicating oversold. In this case, crude oil is likely to continue to follow the trend with sellers in control and may test lows of $70 per barrel. Personal suggestion: go short on the rebound
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Sales have begun around 72.2
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crude oil(USOIL):
SELL:72.8~72.9
❌sl:73.6
✅tp1:72
✅tp2:71.4
SELL:72.8~72.9
❌sl:73.6
✅tp1:72
✅tp2:71.4
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oil may fall at any time
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Follow me, it's that simple
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⚡️ TP2 near + 120 pips closed all⏫⏫⏫
