Crude Oil weekly chart study

11 Eyl 2018

Crude Oil weekly chart study.

We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.

2 Eki 2018

Not

Moving towards the wedge top

4 Eki 2018

Not

Could face strong resistance hereafter (76-78)

23 Eki 2018

İşlem aktif

Rising wedge broken

13 Kas 2018

Not

Massive fall since the rising wedge was broken and Crude hit the pitchfork resistance.

15 Kas 2018

Not

Levels to watch out for next ---> 54-52 zone and 47-49 zone

20 Kas 2018

Not

Crude oil currently at 54-52 zone. Expecting an intermediate bounce from here. One should avoid going long as the major trend is down. Short sellers can book profits here and wait for a bounce before taking fresh short position.

24 Kas 2018

Not

Crude oil closed below 200 week SMA which is a further sign of weakness.

13 May 2019

Not

.
Moving exactly as expected.
Could face resistance at the pitchfork boundaries as plotted.

24 May 2019

Not

After struggling at the pitchfork boundaries for almost a month now Crude oil is falling sharply

9 Mar 2020

Not

.
Moving exactly as plotted.

9 Mar 2020

Not

At pitchfork median

20 Nis 2020

Not

Moving towards the pitchfork bottom