Crude Oil weekly chart study

TVC:USOIL   CFDs on WTI Crude Oil
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.
Comment: Moving towards the wedge top
Comment: Could face strong resistance hereafter (76-78)
Trade active: Rising wedge broken
Comment: Massive fall since the rising wedge was broken and Crude hit the pitchfork resistance.
Comment: Levels to watch out for next ---> 54-52 zone and 47-49 zone
Comment: 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.
Comment: Crude oil closed below 200 week SMA which is a further sign of weakness.
Comment: .
Moving exactly as expected.
Could face resistance at the pitchfork boundaries as plotted.
Comment: After struggling at the pitchfork boundaries for almost a month now Crude oil is falling sharply
Comment: .
Moving exactly as plotted.
Comment: At pitchfork median
Comment: Moving towards the pitchfork bottom


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