chartwatchers
Long

OIL - Heading to Daily Cycle Low

FX:USOIL   Crude Oil (WTI)
367 2 12
I updated the OIL             chart. The decline we are having now still doesn't seem too frightening to me.
And we are still above the 20EMA. The question : will price tag the 50 EMA (blue) during this daily cycle decline in the following 4-5 days or not.
I'm 100% sure that we will have one more daily cycle when we break above the 200EMA to 50$.

I'm watching the 6 day RSI to get overbought or near overbought.

The 2 scenarios are highlighted by red and green:
1 we will bounce to the 200 EMA come back again and then break higher
2 we have this slow decline to the 50 EMA and break higher

Notice the difference between now and the decline in November-December
if it breaks purple line, another strike for you.
snapshot
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I noticed today also that we are in a falling wedge.
In the 95% of the cases it's breaking to the upside just as you are showing.
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