Technician
Short

New Bearish Wave in Oil?

FX:USOIL   Crude Oil (WTI)
3188 8 58
Looking for a bearish wave in oil             . For more confimration look for a breakout below the trend line first.
If we take back 34.50 level, outlook will reverse to bullish ,

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Yup, now the price come to a turning position.
I am more inclined that It might break the neckline after the correction.
USOIL is going to test previous resistance
+1 Reply
Agree, likely just revisited top of overall 2016 distribution range, which also represents 2009 lows, currently strong resistance. Thanks again for your analysis.
+1 Reply

Thank you for this chart.

And I agree.

And if oil drops even 10% (near 29.25), these will all fall a lot: HYG, JNK, banks and financials (LAZ, JPM, CM) possibly influencing pullback on other overbought/overpriced stocks.

After the recent SPX bounce up from 1812, oil then dropped and SPX went back down instead of continuing upwards 2000. Oil, could kick off a chain reaction with financials, derivatives, and then fundamentally weak stocks.

Fast money in, fast money out. I'm not shorting this but using it as a market indicator.

Thank you,
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Technician,
Thank you for your post.
As you know I am new and I am trying to learn technical analysis. Do you mind answering my question?
From the chart it looks it stopped and reversed anytime it touched the trend line.
How can you tell if USOIL is going to break that trend line this time?
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I saw your comment that it is going to be bearish, IF it breaks the trend...
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snapshot

as of Friday's close, it form a shooting star, price needs to breach the wick high to be real bullish

snapshot

snapshot
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d1 pinbar tp 29.00
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We are now bullish again?
+1 Reply
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