Oil Reverse Inverse Cup &Handle
1.Price Formation: The price has broken out from a Reverse Inverted Cup & Handle price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a further confirmation of bearish sentiment.
3.200-day Moving Average is above the Price.
4.Thus, Mas 7<21<200
5.Relative Strength Index (RSI): The RSI is < than 50, indicating bearish momentum and potential further downward movement.
6.Price Target: 70
1.Price Formation: The price has broken out from a Reverse Inverted Cup & Handle price formation on a daily chart.
2.Moving Averages: The 7-day moving average (MA) is below the 21-day MA, which is a further confirmation of bearish sentiment.
3.200-day Moving Average is above the Price.
4.Thus, Mas 7<21<200
5.Relative Strength Index (RSI): The RSI is < than 50, indicating bearish momentum and potential further downward movement.
6.Price Target: 70