Hello Traders, Similar to CL1! we have a bearish Wolfe Wave in USOIL. I would cautiously enter a short trade here with tight stops.
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 this week has seen many speculations related to it. However let's keep it simple and sell this breakout.
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
Think it will get to 33 but many in the craziness even 24 in a pin .
USOIL completed bearish shark hopefully will go down now.
FX:USOIL Safe Trades;
NOW SELL USOIL SELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELLSELL
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; open.spotify.com
Entry: Wait for the price to consolidate in the sell zone. TP1: 32.3585 TP2: 29.4412
Upward trend to break, due to rejection from support above
While Oil has made a short term recovery from recent lows around 26.00, a classic Wolfe Wave pattern is forming pointing to possible exhaustion and a drop lower later in the week into next. If Oil shifts above 35.50 it is time to watch for signs of weakness with defined resistance at 36.20 offering nice point to accumulate short entries. Wolfe waves will...
USOIL is expected to sink now. There are many reason why we feel it may sink. 01. It is trying to touch Tgt 01. of quarterly short level of 29.66 02. HAMMER in daily Chart. 03. To sink and come near quarterly Tgt 01. sell level of 29.66 04. Stoch RSI (3,3,14,Close) clearly states it may sink. 05. RSI(14,CLOSE) Is also of the same view. 06. CCI(20,CLOSE) Is...