PAY ATTENTION ON THE OIL MARKET (RSI BEARISH DIVERGENCE/HOURLY)
To complete the previous post about RSI divergences on the oil market:
On a hourly timeframe, a weak bullish divergence on the Relative Strength Index (RSI) happened from end of September to beginning of October 2021, which led to an increase of the oil price since end of August (from $75.00 to $80.00).
But for now, since end of September, a stronger bearish divergence on the Relative Strength Index (RSI) is in progress: the oil price is increasing (from $76.00 to $80.00), while the indicator is decreasing (from 79 to 72) in the overbought zone.
The bearish divergence is still in progress.
Moreover, a doji, followed by a red candlestick, led to a bearish engulfing.
PAY ATTENTION!
On a hourly timeframe, a weak bullish divergence on the Relative Strength Index (RSI) happened from end of September to beginning of October 2021, which led to an increase of the oil price since end of August (from $75.00 to $80.00).
But for now, since end of September, a stronger bearish divergence on the Relative Strength Index (RSI) is in progress: the oil price is increasing (from $76.00 to $80.00), while the indicator is decreasing (from 79 to 72) in the overbought zone.
The bearish divergence is still in progress.
Moreover, a doji, followed by a red candlestick, led to a bearish engulfing.
PAY ATTENTION!
Trade closed: target reached:
Finally!