Mahtab_Tradia

USOIl Bearish Bias

Short
FX:USOIL   CFDs on Crude Oil (WTI)
Recently, US Oil had a good growth and is bouncing in the uptrend and price could break the last week’s high (69.93) and closed a candle above it.

On the other hand, the main trend is still bearish and maybe we are in a bullish correction phase.

Moreover, price has approached to the strong resistance level (71.00) which has been tested for several times before.

There is a negative regular divergence between MACD and price highs:
Although price has made higher highs, MACD has made lower ones which means there is a high probability of a bearish reverse.

If price can’t break the resistance zone to the upside and there was any bearish confirmation pattern in lower time frames, we can expect a drop on US Oil around (67.60 - 66.60) which is a support zone .
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Comments

Thank you for sharing. I continue to be bulllish, here is my idea if you would be interested:

+1 Reply
@Tradersweekly, Similar view to mine
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I see very similar thing in my analyses. thank you always. 💕
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Well done!
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keep it up Mahtab
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Thanks for sharing
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Nicely done, good luck!
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interesting area to watch for reversals
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Yeah 👌🏼 Noted
Reply
Amazing chart. Thanks for sharing
Reply