WTI OIL Rejection on the 4H MA50, sell if the 4H MA200 breaks.
WTI Oil (USOIL) got emphatically rejected yesterday on the 4H MA50 (blue trend-line) and formed another Lower High on the emerging Channel Down. The price is now approaching the 4H MA200 (orange trend-line) on an additional sell signal as the 4H MACD just completed a Bearish Cross, the first since the one that started this correction at the top on August 10.
As a result, we are waiting for this bearish continuation confirmation, and will sell after a 4H candle closing below the 4H MA200. Our target will by 76.00 (just above the 1D MA50 (red trend-line)).
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As a result, we are waiting for this bearish continuation confirmation, and will sell after a 4H candle closing below the 4H MA200. Our target will by 76.00 (just above the 1D MA50 (red trend-line)).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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