WTI Crude Oil: Short Opportunity, Will it Back to under $60?
Updated
Hello, Fellow Global Forex Trader. Here's a Technical outlook for Crude Oil!
Price Action Analysis
On the Daily Timeframe, USOIL is moving below EMA200. Then, the Commodity retested the multiple rejection area and formed a symmetrical triangle pattern, indicating a possible downside movement. The MACD Indicator made a death cross, signifying a potential downside movement to the target area.
On the H4 Timeframe, Crude OIl also created a breakout of the double top pattern, confirming the bearish scenario ahead.
All other explanations are presented on the chart.
The roadmap will be invalid after reaching the target/ resistance area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the Crude Oil"
Price Action Analysis
On the Daily Timeframe, USOIL is moving below EMA200. Then, the Commodity retested the multiple rejection area and formed a symmetrical triangle pattern, indicating a possible downside movement. The MACD Indicator made a death cross, signifying a potential downside movement to the target area.
On the H4 Timeframe, Crude OIl also created a breakout of the double top pattern, confirming the bearish scenario ahead.
All other explanations are presented on the chart.
The roadmap will be invalid after reaching the target/ resistance area.
Support the channel by smashing the rocket button and sharing your opinions in the comment below!
"Disclaimer: The outlook is only for educational purposes, not a recommendation to put a long or short position on the Crude Oil"
Note
H4 TimeframeNote
Breakout Strong Support Area, Otw Target 1?
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Disclaimer
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