goodguy
Long

Crude Oil: Medium term top soon?

FX:USOIL   CFDs on Crude Oil (WTI)
1. We are approaching some major support/resistance lines. 2. Approaching the mid line of the current channel. 3. We are approaching the target of two different methods I use. 4. We have a large potential bearish divergence in both the weekly (not shown) and the daily RSI . 5. Least important: the wave count.
Would not be surprised to see oil rise a little more to about the 76-80 level at which time I will close out my leveraged position in UWT and cut back on some of my oil related stocks. This is not intended to be advice. Just sharing how it looks to me. Process your way. Have a great weekend.

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