Crude Oil has been forming a series of lower highs, lower lows in the hourly chart.
The lower highs can be connected to form a trendline, which is currently resisting the price action.
Moreover, the counter opened gap down and is forming a bearish flag pattern.
Looking at the RSI indicator, which also envisages a bearish picture.
Hence, we expect the oil to head down to the support levels of 61.14 and 60.19.
The lower highs can be connected to form a trendline, which is currently resisting the price action.
Moreover, the counter opened gap down and is forming a bearish flag pattern.
Looking at the RSI indicator, which also envisages a bearish picture.
Hence, we expect the oil to head down to the support levels of 61.14 and 60.19.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.