Reiteration of crude bears, $39/bl area seems favorite for bears

FX:USOIL   CFDs on Crude Oil (WTI)
553 4 8
We spotted out the series of bearish indications that have pushed down the prices below 10DMA.

From mid November, the commodity has not even been able to clear 23.6% fibo retracements, it tend to collapse the moment it hits 43 levels.

The attempts of WTI crude to breach resistance at 43.20 levels failed which tested this level as crucial point of demand several times in the past (see blue colored circled areas). So we understand, at current stage such demand for this commodity is not seen.

In a long term, firstly, when major trend has been downtrend with a bottoming up at 37.75 areas, retreated almost to 49.60 levels (which is exactly 50% retracements from the bottom).

From then we believe the price valuations could not sustain in the major downtrend (see shooting star formation to push back the prices), as a result it has again showed declines decisively (see volume build ups).

As the prices tends to bounce volumes were shrugging off which would mean that upswings were not generating genuine bullish trend .

RSI is still signaling downward convergence with the slumping prices (currently RSI 14 trending at 42.1289 while articulating).

Most probable scenario: Considering above technical reasoning, it would certainly drag back to 39.90, if it manages to break below this level decisively then 37.75 is also possible in the weeks to come. For now, we are bearish on this commodity and advisable to sell on every rally.

Reiteration of crude bears destiny – $39/brl areas seem favorite for bears
Trade active: Well..!!! today's low at 39.20 thereby our 1st target is achieved. Heading for 37.75
sir,very nice!!!
The same vision.
FxWirePro alexeyhoroshunvk
Yes indeed, so far have no reasons for disparity both in terms of fundamental or technical rationale.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out