zimeaBlue

Oil Broadening Wedge Pattern

Short
zimeaBlue Updated   
CURRENCYCOM:OIL_CRUDE   Crude Oil
A Broadaging wedge can be seen on the graph. If the pattern is to play out, it would need to retest the higher bounds of the formation before a correction. This would also lead to a bearish divergence forming on the RSI as we would have a higher High on price with a lower high on RSI. I will be waiting to trade on confirmation.
Order cancelled:
Black Swan Event. Russia Invading Ukraine will certainly cause a macro shortage of oil.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.