Crude Oil weekly chart study

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.

הערה:

Moving towards the wedge top

הערה:

Could face strong resistance hereafter (76-78)

עסקה פעילה:

Rising wedge broken

הערה:

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

הערה:

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

הערה:

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.

הערה:

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

הערה:

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

הערה:

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

הערה:

.
Moving exactly as plotted.

הערה:

At pitchfork median

הערה:

Moving towards the pitchfork bottom