it looks like smart money bought really cheap in Covid crysis turn and now the prices are really high Fundamentals are all bad sh1* all here and there now but the chart and TA indicators speaks for itself on this Weekly chart for me.
What I see is rising wedge formation with bearish divergence all over major indicators with very likely double top formation.
I would wait a little bit more for that bear diverged MACD to cross out to enter levearaged short on this oil setup.
This Oil & BTC bubble is so much fun to ride
Money about to moove and sentiment clima about to change very soon very likely
Oil lost 9.6 USD which is -8.16% MACD cross very likely to happend next weeks
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Oil lost something around 20% since the short call and its about to reach its first possible support zone when bulls might be entertained and enter into a bull trap (so wave B up before lower C soon in my opinion)
** bull divergence on hourly
Trade closed manually
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This is it ... MACD histogram showing divergence. This might not be the bottom yet but it looks fine and safe with nice profits to leave this setup a bit earlier
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Looks like this is the bottom formation and its time to go long