WTI Crude Oil got rejected on Friday on the former HL trendline which should now be considered a Resistance, rejecting the attempt to resume the uptrend. This turned the 1D timeframe technically bearish (RSI = 41.271, MACD = 0.120, ADX = 25.766) and the 1D MACD Bearish Cross (straight after a Bullish Cross) allows us to attempt a short entry, targeting the 1D MA200 (TP = 78.50).
See how well our prior idea has worked:
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I sold on the rejection at 89 taking profits at 85, the RSI was showing weakness and the 3 times rejection at 98.5 mean't a short term pull back was on the cards
dresipent
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Unbelievable! This makes No sense. Directly within an upcoming war in the Middle East, coming Inflation and oil production far below demand, the oilprice ist going down, if all would be fine. 🙈 This cannot last long time. Price manipulation have short legs.
princesaif85
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Hi investing scope.. Same idea long awaited target.👍
Tradersweekly
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It looks like USOIL wants to drift toward the channel's lower bound. I am bearish as well.