WTI Oil - market price near trend reversal & strong resistance
Market price broke out of up trend channel at the beginning of May in connection with the weakening economy and renewed threat of economic and generell wars in the world. Market price moves now within sideways channel/trend after last breakdown and looks for me currently like start of wave c.
Expect fast down movement if market price falls under 200 day moving average and close several times under it. Expect fast up movement if market price break out of sideways channel and close above resistance line several times.
Market price is currently at three resistance trend lines which brings a lot of sellers into the market but this is also a good possibility to liquidate a lot of short sellers with a big long buy volume ;)
RSI is currently near up trend support trend line. Expect fast down movement it this trend line breaks down and one 4 hour candle close under it. Expect sideways or up movement if the price close above.
Expect fast down movement if market price falls under 200 day moving average and close several times under it. Expect fast up movement if market price break out of sideways channel and close above resistance line several times.
Market price is currently at three resistance trend lines which brings a lot of sellers into the market but this is also a good possibility to liquidate a lot of short sellers with a big long buy volume ;)
RSI is currently near up trend support trend line. Expect fast down movement it this trend line breaks down and one 4 hour candle close under it. Expect sideways or up movement if the price close above.
Trade active:
tp 1 reached within 8 hours
Trade closed: target reached
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
