Hello guys from another world! first time to analyze OIL! It is clear that we've been in an uptrend from early 2016, and now we had a touch down to the trend line once more this week. But what worries me here is the prior high, which makes a cute double top here and also a dangerous looking divergence on RSI here. There are also similar bearish signs in DJI. Right now everything is ok and we can have trend continuation and higher high series but have in mind that 50 EMA plays as a strong support here and if the price breaks below it and have a follow through, that's when things can get really ugly! I don't say that this will happen for sure but just be cautious!
Comment:
also take notice on volume of the prior high in Daily timeframe: it's decreasing