TradingView
InvestingScope
Nov 6, 2018 8:00 AM

WTI Oil: 1D Channel Down intact. New Low expected. Short

Crude Oil (WTI)FXCM

Description

The 1W Channel Up that bullish investors expected to contain the downtrend above 65.60 was violently crossed to the downside (STOCHRSI = 0.000, Williams = -97.427) with Highs/Lows and B/BP turning negative (-4.3279 and -9.4580 respectively). Only 1M supports now but this is within 58.20 - 60.20. We expect that the 1D Channel Down (RSI = 25.770, MACD = -1.970), though oversold (STOCH, STOCHRSI, Williams), will extend to that support as part of its Lower Low. Our TP is 60.20.
Comments
Dani0
Definitely saw 1W support broke in the past few days, but market does look oversold, bit risky sell for me on this one lol
InvestingScope
@Dani0, It has eventually extended the pattern. But thanks for your idea. Constructive arguments are always welcome.
Dani0
@InvestingScope, Oh yeah i saw, nice call there.
More