Hello Traders,
Similar to my CL1! and USOIL charts I posted yesterday. Chesapeake Energy formed a very similar structure. I would be interested to see how well these 3 charts correlate with one another. The charts I am referring to are found below.
Best,
Chartistry
Previous support becoming resistance, USOIL is now testing the trendline, if it rejects short it
I will personally enter at 44- 44.1
Tp 1: 42.25
Tp 2: 38.05
SL: 44.9
OIL has bearish divergence at D chart. Weekly has a bit of a bullish bias but it's Stoch is overbought. Tomorrow will be a decisive day for WTI, if it breaks 618 Fibonacci retracement with force then we can think that this rally has some steam, else it's just a short covering rally and OIL heads to 1.618 projection of previous Peak-Trough
Bullish divergence in Crude Oil (WTI) H4 opening for correction
Bullish divergence in Crude Oil (WTI) H4 opening for correction back towards 35$ (round number),
34,80$ supportline and 34$ (0.38 Fib support).
This scenario might play out, if the ECB rate decision, today 13:45 CET, disappoints markets, e.g. postponing further ratecuts and
QE measures to the...
FX:USOIL
SHARK:
Point B:
61.8% XA
Point C:
113% to 161% AB
Point D:
161% to 224% BC
88.6% to 113% XC
Target:
38.2% to 100% CD
Safe Trades;
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