New Bearish Wave in Oil?

FX:USOIL   CFDs on Crude Oil (WTI)
3218 8 61
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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We are now bullish again?
+1 Reply
d1 pinbar tp 29.00

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

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?
I saw your comment that it is going to be bearish, IF it breaks the trend...

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,
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
Yup, now the price come to a turning position.
I am more inclined that It might break the neckline after the correction.
+1 Reply
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