Crude oil ( $WTI 1D) everyone is looking for THE bounce

I'm monitoring crude oil price decline for several days now. I think that it is now ready for a counter trend rally. At least that is what my indicators are telling me.

Stochastic is turning up after a couple time in the lower region.

RSI forming a daily bullish divergence.

A very nice double bottom formation.

For now only lower highs and lower lows can be seen but if I intended to initiate a trade, I would wait for a higher lows to form and then manage risk accordingly.
22.08$ should provide good support.

for a take profit point, 41.99$ was where we were before everything went to shit.

As time goes by, I will keep you updated on the evolution of the price, so make sure to follow me on Tradingview

Disclaimer: This is not financial advice as I’m not a financial adviser.
This is just my knowledge on what can be said and done from the chart.
Due to the volatile nature of the market, everything can change on a day to day basis.
Everyone is wise to manage their risk properly when considering any trading decisions or activities.

Comment:

price is approaching buy territory.

Comment:

Price is making new lows but the RSI divergence is still at play meaning the real rally is yet to come.

Trade closed manually:

it is very rare to see a falling wedge break downward but it can happen
that why we trade with stop loss.