WTI crude on verge of hitting 38.2% Fibos amid inverse saucer

FX:USOIL   Crude Oil (WTI)
416 1 8
WTI crude on verge of hitting 38.2% Fibos, bear swings oscillate between inverse saucer – Stay short via near-month futures:

Technical Glance:

On a daily chart , this energy commodity is on the verge of forming inverse saucer pattern.

The prices are oscillating between oval shaped channel while forming inverse saucer (see oval curves).

Moreover, bear swings are attempting to head towards hitting 41.85 (i.e 38.2% Fibonacci levels), while the current prices are well below DMAs, abrupt upswings taking support at around 42.50 levels.

We foresee more slumps if it manages to break 42.50 then bears would be exposed to more momentum in the days to come, maybe upto 41.85 in near terms.

Daily RSI and stochastic oscillators clearly converge to the prevailing slumps and evidencing consistent lower lows, that means selling momentum is intensified.

Current prices even on weekly plotting slid well below EMAs as well after forming a sharp gravestone doji pattern, leading and lagging indicators converge prevailing slumps there as well.

While, MACD has entered below zero level which is a bearish territory with a bearish crossover signifies the ongoing downtrend to prevail further.

Trade tips:

At current juncture contemplating above bearish indications, on speculative grounds we recommend shorting near month futures for target towards $41.85 or below levels.

Speculators in a futures contract are expected to post performance margins in order to open and maintain a short futures position.

These margin requirements are determined by the exchanges and would usually be ranging from 2 to 10% of the full value of the futures contract.
tbuckle PRO
8 months ago
Where will oil go now that it his 41.85 ish?
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