codypd
Short

USOIL in falling wedge

FX:USOIL   CFDs on Crude Oil (WTI)
170 3 3
May take 2 weeks to resolve.

Range held this morning.

RSI divergence should have sent price higher out of range. The fact it didn't and an inverted hammer was the top on the 1hr chart shows underlying weakness.
Trade active: The falling wedge is now invalidated and we may be entering a channel. Given past year of oil trading I am holding the short to see if the we will recover to the top of the channel or if it breaks down entirely.

Regardless, the price action confirms that Feb 11 rally is over.
Usually a falling wedge is bullish http://thepatternsite.com/fallwedge.html
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codypd andberg
First, thanks for the feedback. That is true... when it resolves. Based on that RSI failure it won't resolve to the upside for a while. So I am short and will range trade it within the wedge. Another thing to note is that it had a rising wedge on the climb from Feb 11 and it resolved to the upside. So there is a chance we could see a downside resolution as well.
Reply
codypd andberg
Just checked the chart and if I had to bet money (and I guess I already have :) ) it resolves around 36 at the end of next week. Spike from there should hit 40 if the pattern rules work out.
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