Crude OIL: Burst out of the gate. What next?

FX:USOIL   CFDs on Crude Oil (WTI)
212 0 1
Well I was about 2 weeks early but the drop in oil             has stopped (so far) above the previous long term low I labeled AA on the weekly long term chart of 2 weeks ago.(see link). What I thought was the bottom of the current drop turned out to be a classic 5 wave expanding triangle. I find expanding triangles often tough to recognize early as the previous highs and lows keep getting exceeded. If you are longer term bearish on oil             then you may see this recent rise as just part of a dead cat bounce. But I favor a longer term bullish stance. BUT in the short term we have a strong negative reversal in the daily RSI and a potential bearish divergence in the 2 hour RSI . I would not be surprised to see one more jump up to the upper trend line of the channel I have drawn then would expect an a-b-c retesting of the recent low. If this happens it could provide a potential low risk entry to go long oil             . It is worth watching. Take care. Have a fantastic weekend. Goodguy.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
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
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder 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