Short

Oil beginnings of descending triangle

Updated

Oil failed to break the October 9th high. It's beginning to form a descending triangle, EMA's are starting to cross, and it hasn't touched the 200D MA in a while. Enter at the top of the triangle, or for a safer play on a close below 45.80. Price target ~41.50.

Note

We reached the original goal of 41.50 faster than expected. Price hasn't touched the bottom of the channel yet, and the 200 day MA is just below. Still waiting to see a touch of that 200 day MA and/or the bottom of the channel, then a possible nice reversal to get long.

Note

Oil broke both the 200 day MA and the channel today. After a lot of down days in a row, does it have anymore right now? Neutral-bullish slow ride up the bottom of the channel possible while RSI resets itself. Not bullish unless over 42 this week.

fishdude

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.