From a technical perspective, the oil price has turned quite interesting since the start of a new trading month. The chart below shows the monthly rolling oil contract chart where June’s price action closed in a doji. It gains significance following three straight months of gains. The monthly Stochastics also shows the hidden bearish divergence currently playing...
Red ~60% most likely
Increasingly bearish but crossing over more resistance lines holds more support in the down eventual down trend.
This shows some choppy trading to come.
Further long possibility, we will wait if price breaks 50.48 then we can hopefully see 55.92. ( FIB level )
we will and observe let the trade co me to us.
trade safe
USOIL is expected to sink now.
There are many reason why we feel it may sink.
01. It is trying to touch Tgt 01. of quarterly short level of 29.66
02. HAMMER in daily Chart.
03. To sink and come near quarterly Tgt 01. sell level of 29.66
04. Stoch RSI (3,3,14,Close) clearly states it may sink.
05. RSI(14,CLOSE) Is also of the same view.
06. CCI(20,CLOSE) Is...
