Bearish signal potential with double top formation
Updated
The oil 
USDWTImarket has reached the previously predicted target,
with the current price stopping at $70.95, a strong resistance level due to its support of the price in December. This price level also coincides with the 38.20% Fibonacci level, the 50-period moving average on the 4-hour chart, and intersects with the weekly downtrend. On the 4-hour and 1-hour charts, we observe a rejection pattern with a double top formation and divergence, indicating a potential bearish signal if the neckline at 69.48 is breached. This could lead to a sell signal with a target of 67.28. Alternatively, if the price breaks the resistance level, this would indicate a buy signal with a target of 72.71.
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USDWTImarket has reached the previously predicted target,with the current price stopping at $70.95, a strong resistance level due to its support of the price in December. This price level also coincides with the 38.20% Fibonacci level, the 50-period moving average on the 4-hour chart, and intersects with the weekly downtrend. On the 4-hour and 1-hour charts, we observe a rejection pattern with a double top formation and divergence, indicating a potential bearish signal if the neckline at 69.48 is breached. This could lead to a sell signal with a target of 67.28. Alternatively, if the price breaks the resistance level, this would indicate a buy signal with a target of 72.71.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
Trade active
Trade closed: target reached
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