Crude Oil weekly chart study

Sep 11, 2018

Crude Oil weekly chart study.

We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.

Oct 2, 2018

Note

Moving towards the wedge top

Oct 4, 2018

Note

Could face strong resistance hereafter (76-78)

Oct 23, 2018

Trade active

Rising wedge broken

Nov 13, 2018

Note

Massive fall since the rising wedge was broken and Crude hit the pitchfork resistance.

Nov 15, 2018

Note

Levels to watch out for next ---> 54-52 zone and 47-49 zone

Nov 20, 2018

Note

Crude oil currently at 54-52 zone. Expecting an intermediate bounce from here. One should avoid going long as the major trend is down. Short sellers can book profits here and wait for a bounce before taking fresh short position.

Nov 24, 2018

Note

Crude oil closed below 200 week SMA which is a further sign of weakness.

May 13, 2019

Note

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Moving exactly as expected.
Could face resistance at the pitchfork boundaries as plotted.

May 24, 2019

Note

After struggling at the pitchfork boundaries for almost a month now Crude oil is falling sharply

Mar 9, 2020

Note

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Moving exactly as plotted.

Mar 9, 2020

Note

At pitchfork median

Apr 20, 2020

Note

Moving towards the pitchfork bottom