There are several aspects that I am bearish on this chart.
First of all, we have a huge GAP on daily that must be closed soon.
Secondly, Wednesday's stock data came below those of the market, so the crude oil stock is higher than the estimates, which is very bad because they have already reduced production by 1.5mln/day, which means that unless they . had reduced production, now the price of Crude Oil would have been between 50-60 usd/barrel.
Now the graph shows us a close below the resistance zone, which at least for a short time, I will have a SHORT position.
Also, look at the RSI , its over bought and we need a corection of price to create more demand.
First of all, we have a huge GAP on daily that must be closed soon.
Secondly, Wednesday's stock data came below those of the market, so the crude oil stock is higher than the estimates, which is very bad because they have already reduced production by 1.5mln/day, which means that unless they . had reduced production, now the price of Crude Oil would have been between 50-60 usd/barrel.
Now the graph shows us a close below the resistance zone, which at least for a short time, I will have a SHORT position.
Also, look at the RSI , its over bought and we need a corection of price to create more demand.