Sforex
Short

Technical Setup: Crude oil: Decline is unavoidable

NYMEX:CL2!   LIGHT CRUDE OIL FUTURES
70 0 0
Strong Resistance: 62.10

SMA200 ( very strong resistance) on the head of the price.

Bullish trend line ( Black) + Resistance form a wedge pattern which cretates an encirclement. The breakout is unavoildble to espcape the encirclement.

Price now stops at Kumo cloud : Likely reach into Kumo cloud.

Especially, there is a strong divergence between RSI and price.

---------------> All contribute to the bearish trend coming in the near future.

I expect Oil             is back to the downtrend.

And what we should do ?.

BUY USDCAD             is a good choice.

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