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$.
I'm watching the 6 day RSI to get overbought or near overbought.
The 2 scenarios are highlighted by red and green:
1 we will bounce to the 200 EMA come back again and then break higher
2 we have this slow decline to the 50 EMA and break higher
Notice the difference between now and the decline in November-December
And we are still above the 20EMA. The question : will price tag the 50 EMA (blue) during this daily cycle decline in the following 4-5 days or not.
I'm 100% sure that we will have one more daily cycle when we break above the 200EMA to 50$.
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