We have all been through the big drop in April together. I still remember everyone was tensely talking about OIL, every day seemed like a “bottom day”, however, traders were still hurt by USOIL.
Now we can see that the price has already started to recover, however, is still facing the sale pressure, we can see from the slope, the slope goes flat so the upward pressure gets weak now. So, the weak upward pressure forms a rising wedge pattern, which is a downward signal. Also, the MACD lines show divergent to candles, another signal for a downward trend. Another thing is the Bollinger Bands shrink, which means a reversal may show up in the near future. If you check the RSI line, the value is a little bit high, which tells us that the price could be overbought. What’s next? Maybe a downward trend.
So, Let’s expect the downward trend to show up in the near future.
Now we can see that the price has already started to recover, however, is still facing the sale pressure, we can see from the slope, the slope goes flat so the upward pressure gets weak now. So, the weak upward pressure forms a rising wedge pattern, which is a downward signal. Also, the MACD lines show divergent to candles, another signal for a downward trend. Another thing is the Bollinger Bands shrink, which means a reversal may show up in the near future. If you check the RSI line, the value is a little bit high, which tells us that the price could be overbought. What’s next? Maybe a downward trend.
So, Let’s expect the downward trend to show up in the near future.