Monthly
Clear rejections off of $55 per barrel and since then, the last 3 months have been bearish. I believe we will continue to see some more downside momentum.
Weekly
There are clear lower swing highs on the weekly chart after rejected the key $55 per barrel zone. Last week we broke and closed below $47.50 per barrel and rejected off the $45 mark. MAs are downward facing supporting our downward bias.
Daily
On the daily time frame, we can see smooth lower highs and lows - The MAs are downward facing. Yesterday's daily candle closed as a doji representing some indecision and possibly a continuation to the downside. Today, if we can close at least 50% bearish of the previous candle we will have an evening star formation as well as a 3-pin formation.
H4
After a nice pullback from $45 per barrel, price has rejected the 50% fib level and completed a lower high - we have also broken our CTL and the last candle close was a bearish engulfing. I can see some more momentum to the downside. MAs also potentially about to crossover which will have all TFs in alignment.
Clear rejections off of $55 per barrel and since then, the last 3 months have been bearish. I believe we will continue to see some more downside momentum.
Weekly
There are clear lower swing highs on the weekly chart after rejected the key $55 per barrel zone. Last week we broke and closed below $47.50 per barrel and rejected off the $45 mark. MAs are downward facing supporting our downward bias.
Daily
On the daily time frame, we can see smooth lower highs and lows - The MAs are downward facing. Yesterday's daily candle closed as a doji representing some indecision and possibly a continuation to the downside. Today, if we can close at least 50% bearish of the previous candle we will have an evening star formation as well as a 3-pin formation.
H4
After a nice pullback from $45 per barrel, price has rejected the 50% fib level and completed a lower high - we have also broken our CTL and the last candle close was a bearish engulfing. I can see some more momentum to the downside. MAs also potentially about to crossover which will have all TFs in alignment.
Trade closed manually:
Closed early for 40 pips loss as a reversal was imminent.