OIL is in an over extended Run, losing momentum and showing MACD divergence in all time frames, price broke the daily Trend line and is now making intraday Lower highs and lower lows: Intraday trend change.
Then we have a H&SH pattern which is visible in the 4h and 1h timeframes. Price broke below the neckline and it is retesting it now. which coincides with a cluster of resistance that includes EMAs, horizonatal resistace, and fibonacci levels. The path of least resistance is to the downside. Main target being the Daily 50EMA, whowever I will consider closing it down earlier if price start to show intraday signs of a trend reversal
Then we have a H&SH pattern which is visible in the 4h and 1h timeframes. Price broke below the neckline and it is retesting it now. which coincides with a cluster of resistance that includes EMAs, horizonatal resistace, and fibonacci levels. The path of least resistance is to the downside. Main target being the Daily 50EMA, whowever I will consider closing it down earlier if price start to show intraday signs of a trend reversal