Short UsOil

Aug 13, 2020

I can see a coming correction the next week, as you can see we are below a trend line drawn since 17/03/20 and forming a rising wedge that is about to brake. If you set a fib line (weekly TF) since the first week of the year (last lowest high) to the last 2 weeks of april (lowest low), we are standing at 61.8 level of fib and having a big chance to make a retracement.

If you see weekly and daily TF, you can see the price is at strongly resistance zone 43 - 44.