Brent oil shows a clear pattern of developing bearish divergence on MACD vs. price when the dollar rallies.
These have preceded oil routs 3 times historically.
And yes, we have one now.
I should point out that Brent oil is also at the top of an important historical trend which consists of lower highs and lower lows over the long run.
The resistance trend has never been broken.
These have preceded oil routs 3 times historically.
And yes, we have one now.
I should point out that Brent oil is also at the top of an important historical trend which consists of lower highs and lower lows over the long run.
The resistance trend has never been broken.
Note
Additionally, I discovered rising wedges on prominent oil-connected ETF's
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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.