The WTI Crude Oil (USOIL) opened the week yesterday on the 3rd straight 1W candle below the 1W MA50 (blue trend-line). Last time that such streak took place was in early November 2020! It is therefore easy to understand that if this level is not recovered, Oil may enter a new Bear Cycle. On the short-term we ideally want to see a candle closing above the 1D MA200 (red trend-line), in order to trigger a buy signal, targeting the Lower Highs of the March Top.
Until then, the short-term price action calls for further selling towards the November 2020 Higher Lows trend-line. A closing below should be enough to trigger a bearish extension to the March 2021 Higher Lows. The 1W RSI has been trading within a Channel Down since March 2021 and is close to its bottom. That is an indicator showing that if it starts reversing, we may see a rebound (at least on the medium-term) on the November 2020 Higher Lows. We will follow with many updates until then.
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Until then, the short-term price action calls for further selling towards the November 2020 Higher Lows trend-line. A closing below should be enough to trigger a bearish extension to the March 2021 Higher Lows. The 1W RSI has been trading within a Channel Down since March 2021 and is close to its bottom. That is an indicator showing that if it starts reversing, we may see a rebound (at least on the medium-term) on the November 2020 Higher Lows. We will follow with many updates until then.
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.