USOIL IN DEPTH TECHNICAL ANALYSIS!
Hello my beauties.
I'll be shorting oil until the 56/58 area as it needs to retest a 13 years old trendline. The price broke it to the upside and I don't think it is going anywhere before kissing it.
Oil is now facing a cluster that consists of the following resistances:
- 1 year long uptrend trend line ;
- downward channel trendline;
- inverted head and shoulders neckline.
On top of that, the following indicators suggest downside to come:
- RSI bearish divergence;
- stochastic forming a bearish divergence.
Further reasons why I am taking the trade:
- we have to see an Elliott wave 5 in the current downtrend. For those of you who are not familiar with Elliott waves , wave 5 needs to exceed the lows created by wave 3.
From a short/medium term technical perspective, downside is pretty probable.
After that I'll be bullish for a very long time. The green area evidences where I expect a strong reaction to happen.The weekly volume profile indicator suggests that the most orders have been placed in the 56 area.
I hope this idea helped you, please like, follow and drop a comment below if you have any questions and we'll discuss them together.
Consider supporting me if you believe I provide you with valuable information.
Peace.
Luca, TrickleDownFX
I'll be shorting oil until the 56/58 area as it needs to retest a 13 years old trendline. The price broke it to the upside and I don't think it is going anywhere before kissing it.
Oil is now facing a cluster that consists of the following resistances:
- 1 year long uptrend trend line ;
- downward channel trendline;
- inverted head and shoulders neckline.
On top of that, the following indicators suggest downside to come:
- RSI bearish divergence;
- stochastic forming a bearish divergence.
Further reasons why I am taking the trade:
- we have to see an Elliott wave 5 in the current downtrend. For those of you who are not familiar with Elliott waves , wave 5 needs to exceed the lows created by wave 3.
From a short/medium term technical perspective, downside is pretty probable.
After that I'll be bullish for a very long time. The green area evidences where I expect a strong reaction to happen.The weekly volume profile indicator suggests that the most orders have been placed in the 56 area.
I hope this idea helped you, please like, follow and drop a comment below if you have any questions and we'll discuss them together.
Consider supporting me if you believe I provide you with valuable information.
Peace.
Luca, TrickleDownFX
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.