Crude Oil (WTI) 4H (28.07.2014) Technical Analysis Training

FX:USOIL   CFDs on Crude Oil (WTI)
187 0
The WTI oil ( USOIL ) 4H Diagram Technical Analysis shows the following:

The USOIL price has made a long term decline under the resistance red lines. As you can see in diagram when the price consolidated it got above the KUMO. The weekly diagram shows bearish trend and the monthly neutral.

MACD is forcing its bearishness and RSI too.

We have no special candlestick pattern. The price is into the KUMO and under the Kijun Sen (blue line) and Tenkan Sen (green line) too.

There is no special pattern. The fib from $107.40 to $99.37 shows a 0.764 resistance at 101.26.

Now it tries to brake the SPAN B bottom of KUMO down @101.38. If the oil does not react at 101.26 and does not breach the resistance line then short for 99.37 first.
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