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moneytize
Jun 4, 2020 8:04 PM

Oil ( WTI ) Bulls are slowing down. Short

WTI CRUDE OILTVC

Description

The bull run in WTI is definitely losing momentum.
It is evident from the fact that negative divergence is coming in play between the price structure and MACD, after the 5 legs impulsive movement.

Now the price is stuck between the key support at 34.86 and the critical resistance zone from 39.60 to 42.00 above.
I have marked the two possible scenarios:

1. The bulls giving up immediately from the current levels ( marked in yellow )
2. It may get one more push higher to the critical zone and then start the correction towards 33.60/30.30/28.40 & 24 based on the Fibo levels.
Comments
Elikone
Good chart. I agree.. Most likely going to have 1 small push to to 38.80 or 39 then correction down.
vishnath
the oil price rise is well out of or above fundamental prices 25$ is the fair price. retail traders will soon be left with heavy bags at 40++. the current trend is a pump up by cartels. it will reverse once the psychological figure of 40 is reached. i have been seeing many charts and analysis, all failed because oil is currently out of touch with real market of non existing demand and about a billion barrels of excess oil. when USA is burning and looters running riot, NFP reports increase in employment. and the market goes ga ga. oil shoots up and dow 700+ points. all pointing to a potential deep down next week
moneytize
Absolutely, the indices & oil seems to be the pump and dump build up.
moneytize
Any trend doesn’t continue without a pullback/correction or a consolidation. Pullback can be deep or shallow. I have just shared my point of view based on Fibo levels. And it may also happen that instead taking a correction it forms a consolidation/ranging pattern to continue higher.
Natchel
This bull run should stretch till atleast 60bb..
No reason for no one to sell cheap crude
moneytize
Thanks... we are on the same page. Let’s see when it turns around. Good Luck !!!
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