WTI SHORT - Major downward trend intact
Updated
USOIL - WTI - SHORT
Major and minor downward trend intact (August 14 reversal: break of upward chanel: MACD cross, breach of RSI14 50 level) confirmed following the breakout of short-term triangle consolidation (August 18 to 24).
Fundamentals - Changing mix of WTI consumption - EVs coming sooner than late - Pretrochemical products inventories pilling - forget OPEC deal cut.
Technicals - Indicators to watch:
- RSI14 back to 30 levels
- Next MACD cross in negative territory
- Watch for Fibonacci levels for support at 42 and 36 going into September and October
- EURUSD consolidation to contribute to pressure on WTI
Have a good end of week!
Major and minor downward trend intact (August 14 reversal: break of upward chanel: MACD cross, breach of RSI14 50 level) confirmed following the breakout of short-term triangle consolidation (August 18 to 24).
Fundamentals - Changing mix of WTI consumption - EVs coming sooner than late - Pretrochemical products inventories pilling - forget OPEC deal cut.
Technicals - Indicators to watch:
- RSI14 back to 30 levels
- Next MACD cross in negative territory
- Watch for Fibonacci levels for support at 42 and 36 going into September and October
- EURUSD consolidation to contribute to pressure on WTI
Have a good end of week!
Note
Stop triggered at 48.52
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