WTI CRUDE OIL The 1day & 1week MA50 form a huge Resistance Zone
WTI Crude Oil / USOIL reached today the 1day MA50 for the first time since mid April.
That April contact resulted in a strong rejection to the 1week MA200 that (even though it had breaches) has closed all weekly candles over it, establishing itself as the long term Support.
The long term Resistance is the 1week MA50, which is marginally higher than the 1day MA50, with the two forming the strongest Resistance Zone for the long term.
The 1week MA50 has had two clear rejections in October and November, at the early stages of the formation of the Channel Down.
This pattern still holds and the price is approaching its top. At the same time the 1day RSI is approaching the top of its Channel Up. The two have aligned tops and bottoms.
Sell now since the price is already inside this huge Resistance Zone. Target the 1week MA200 at 68.50.
Previous chart:
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That April contact resulted in a strong rejection to the 1week MA200 that (even though it had breaches) has closed all weekly candles over it, establishing itself as the long term Support.
The long term Resistance is the 1week MA50, which is marginally higher than the 1day MA50, with the two forming the strongest Resistance Zone for the long term.
The 1week MA50 has had two clear rejections in October and November, at the early stages of the formation of the Channel Down.
This pattern still holds and the price is approaching its top. At the same time the 1day RSI is approaching the top of its Channel Up. The two have aligned tops and bottoms.
Sell now since the price is already inside this huge Resistance Zone. Target the 1week MA200 at 68.50.
Previous chart:
Follow us, like the idea and leave a comment below!!
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