Broadening top formation, expect retrace but depends on Russia
Broadening top formation
Hist, RSI, Stoch, OBV, CMF, MFI Bearish divergences on the weekly line chart, RSI is at 74
I expect further downside. However, this trade setup will depend entirely on the Russia and Ukraine situation.
If the situation escalates, oil will go higher. Expect the opposite with deescalation
Enter Short around $90. Stop at $92.50
TP - $71
Hist, RSI, Stoch, OBV, CMF, MFI Bearish divergences on the weekly line chart, RSI is at 74
I expect further downside. However, this trade setup will depend entirely on the Russia and Ukraine situation.
If the situation escalates, oil will go higher. Expect the opposite with deescalation
Enter Short around $90. Stop at $92.50
TP - $71
Russia escalated the conflict and oil prices continued to rise. As peace talks continue, oil prices will stabilize.