TradingView
TradingShot
Apr 18, 2023 8:58 AM

WTI OIL Broke below the 4H MA50. Sell confirmed.Β Short

Crude Oil FuturesNYMEX

Description

β‹…
WTI OIL (USOIL) broke yesterday below its 4H MA50 (blue trend-line) and today upon re-testing it as a Resistance, it is currently being rejected. This is a major sell signal as since December 2022 inside the Resistance Zone, every such break-out was a confirmed sell. All prior 5 cases hit the Support Zone shortly after. Even an oversold 4H RSI doesn't mean a bottom will be formed. As a result we are confident to keep our medium-term sells (opened last week after the price got rejected on the 1D MA200 (red trend-line)) and target 74.00.


-------------------------------------------------------------------------------

** Please LIKE πŸ‘, FOLLOW βœ…, SHARE πŸ™Œ and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **

-------------------------------------------------------------------------------

πŸ’ΈπŸ’ΈπŸ’ΈπŸ’ΈπŸ’ΈπŸ’Έ
πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡ πŸ‘‡
Comments
DeGRAM
β‹…
Thank you for sharing your analysis.
Gold-Tech
β‹…
Interesting. Competent analysis. Thank you
MibinFarzian
β‹…
completely agree with you
More