OIL throws negative divergence near trend resistance.
WTI OIL has rallied the last few days with many calling a "bottom" but overall it is a weak market with uncertain demand in Europe and coming off seasonal high demand.
I still think it tests 38 before discovering price.
Chart shows upper trend line coming into focus with another 50 cent rise. That coupled with a generally reliable negative RSI divergence (the positive RSI divergence on chart preceded the rally of last few days).
Short. Stop loss at 43.10
I still think it tests 38 before discovering price.
Chart shows upper trend line coming into focus with another 50 cent rise. That coupled with a generally reliable negative RSI divergence (the positive RSI divergence on chart preceded the rally of last few days).
Short. Stop loss at 43.10
Note
Why do TV charts invariably publish in different scale from when you hit the publish button?Shrink the RSI scale to see the divergence. Recenter chart vertically to see trend more clearly.
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.
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.