Good evening everyone,
USOIL has been pushing up a few days now with the saudi arabia helping this rally upside.
Anyway for now oil is creating a bearish rsi divergence on daily chart plus rejection on SMA200 and we are on resistance/fibo retracion zone on the weekly chart.
So for now we can expect a pullback toward 56.40 zone before price keeps testing upper resistance.
Watch out for this week we have a LOT of news about oil, starting with OPEP reunion tomorrow (monday).
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
USOIL has been pushing up a few days now with the saudi arabia helping this rally upside.
Anyway for now oil is creating a bearish rsi divergence on daily chart plus rejection on SMA200 and we are on resistance/fibo retracion zone on the weekly chart.
So for now we can expect a pullback toward 56.40 zone before price keeps testing upper resistance.
Watch out for this week we have a LOT of news about oil, starting with OPEP reunion tomorrow (monday).
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Note
Oil is trying to break 200 sma daily right now!Big resistance, lets see the closure today
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Price closed just below 200 sma yesterdayToday opened above and now its forming a bearish pin bar, of course we must wait closure but if the price manage to close below 200 sma it may be a good opportunity to short with good RxR .
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Nice doji candle today showing indecisionRsi still overbought,
Despite F.A for uptrend are good its really risky to long now, just saying
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Uptrend still strong, if manage to break SMA200 weekly then the 70usd will be a real target again.Note
Nice rejection on 60 usd level ! Definetly not buying oil until a clear breakout of 200sma weekly
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A pullback is expected nowNote
Beautiful pin bar last week rejeting the strong 60 usd level resistance, its possible to short now targeting 56~56.50 usd zone, S.L above current high.Note
What we have for now is a double top, a break and CLOSE under neckline ~58.50 will likely send price to retest 56.50 zone
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Related publications
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.