Oil Short: Ending Diagonal and Rising WedgeI propose that Oil is a good short candidate because of what I am seeing:
1. Rising Wedge
2. Ending Diagonal within the Rising Wedge
I propose 3 entry points for shorting but mention that if you are shorting at the top of the trendline, to cater for false breakout, meaning more allowance in your st
Oil : April Could Be the Worst Month in Three and a Half YearsOil Prices: April Could Be the Worst Month in Three and a Half Years
As the XTI/USD chart shows:
→ at the beginning of April, WTI crude was trading above $71 per barrel;
→ this morning, on the last day of the month, the price has fallen below $60.
The overall decline may reach 16% — the worst
Heading into Fibonacci confluence?WTI Oil (XTI/USD) is rising towards the pivot and could reverse to the 1st support which acts as and overlap support.
Pivot: 65.19
1st Support: 61.85
1st Resistance: 67.84
Risk Warning:
Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you c
WTI CRUDE OIL: Buy signal at the bottom of the Channel Up.WTI Crude Oil turned bearish on its 1D technical outlook (RSI = 42.387, MACD = -1.000, ADX = 27.186) as it crossed under the 4H MA50. Still, it hit and is so far contained at the bottom of the Channel Up, which makes it a strong short term buy opportunity. Aim for the 4H MA200 (TP = 65.00).
## If
Could the price bounce from here?USO/USD is falling towards the support level which is a pullback support that lines up with the 61.8% Fibonacci retracement and could bounce from this level to our take profit.
Entry: 59.32
Why we like it:
There is a pullback support level that lines up with the 61.8% Fibonacci retracement.
Stop l
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Displays a symbol's price movements over previous years to identify recurring trends.