While the price is below the resistance 43.60, beginning of downtrend is expected.
We make sure when the support at 30.85 breaks.
If the resistance at 43.60 is broken, the short-term forecast -beginning of downtrend- will be invalid.
There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the...
Crude Oil is left with some more beating
Trade Plan 1
Short sell for immediate target of $21.76
Continuing its downward move which should conclude near $21.76 if EOW ((C))
Trade Plan 2(will be active only after trade plan 1 reached target)
Short sell for deeper target of $9.83
EOW 3 of Y around same level of $9.83 of cycle wave
We can see sharp...
Crude oil 4h technical-looking weak. Bear pennant on the price itself and a rising wedge on 4h RSI both combination suggests a strong bearish sentiment. upcoming week we can witness so many stupid repeated news like economic slowdown, trump - china, Iran war, trade war,. and so many never-ending shits. so, technically we have to gauge the price where it's heading...
1. we got an H&S and it's brokeout too
2. a pennant that looks like it broke out too.
3. there's a double top
4. there's a 50% fib level retracement
5. overall retail market views is bearish.
price 51.73 and 60.70 is an either side negotiable deal.
conclusion: views is bearish technical is bullish. waiting for a strong breakout to either side so...
I'm seeing an inverse hidden H&S and a pennant or falling wedge type pattern and they both are bullish. interesting to see if it does work out.. I'll keep it watching closely.
Reason and confluences:
this graph is experimental.
We may get a double top before falling down bcos there will be a pullback to liquidate bearish momentum.
Downside target 53.23 and 52.
1. Rsi fourth consecutive touch on the upper trendline suggesting a downfall.
2. price confirmation at 57.13 three falling methods and touched the upper trendline.
3. price reached at 0.618 and 0.50 fib level....
price gap between 54 and 51 is crucial.. reversal may happen and if double bottom rejects then strong bearish till 42.
keeping in mind Crude oil dropping from 60.70 and the previews H&S has been completed.
Crude oil 4h time frame. formed an H&S. price consolidating at right shoulder forming a bull flag pattern, wait for breakout to downside and put stop above right shoulder targeting 53.92, 51.85.
1. confluence is that price reached at 50% and 61% fib level from head to right shoulder impulsive extension.
2. confluencce 4h time frame RSI is at extrem...