Clearly in a downtrend. I am not trading this thing as it can either way. Will wait...
the chances of WTI closing below $40 is minimal and with macd in negative territory (from hourly all the way till weekly), how much more worse the technical scenario get? it does not take much to produce a gold cross (tipping point around 41.2-41.5). Do note that once the tipping point is crossed, the target would be 46.5-47 as this is what a weekly MACD gold cross is capable of. would not worry too much on 37.5, 39.5 itself is a BIG???
how to trade based on data dependent? how are retailers to know if there will be an interest rate hike or whatever data that will be release? The only thing I know is to be based on technical indicators. Reason for this, robots still cannot think for themselves and indicators are bounded between 0-100. why should we name rsi above 70 as overbought and 30 as oversold and what is the reason for us to buy/sell when MACD crosses the signal line? most traders out there could not even properly define what the indicators are; yet dismiss them as tricks and conspiracy theory. Well my friend have you ever considered that you could be holding the map inverted instead of trying to prove the market is wrong?