n these charts, you can see the most important support (green lines) and resistance (red lines) to watch in the coming days!
Multi-Timeframe Analysis:
Hourly Chart: Double Top (Bearish)
Daily Chart: Double Gravestone Doji and confirmation bearish candle at the upper border of the bullish channel (Bearish)
Weekly Chart: crossing above resistance level after 3 years (Bullish)
Monthly Chart: crossing above major resistance level 77 after 7 years. (Bullish)
Conclusion: Short-term 3-5% correction is highly likely. The long-term is still bullish unless the USOil price gets back below 77 and stays there.
Inverse Oil ETF SCO (2x) May provide a 5-10% gain opportunity in short term:
Best,
Moshkelgosha
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A think a test down to $66 isn't completely out of the picture. I am also watching $77 very closely.
If we lose $77, I'm closing my positions with the intent of buying them back when WTI hits $66. If we hold $77, it's all green for my positions.
Two gravestone doji's side by side, needs a name. Perhaps we should call this the "Chopsticks" pattern? 😅 (I'd swear I learned that somewhere.. but a quick google search gave me nothing)