Midterm forecast: While the price is below the resistance 42.90, beginning of downtrend is expected. We make sure when the support at 30.85 breaks. If the resistance at 42.90 is broken, the short-term forecast -beginning of downtrend- will be invalid.
Technical analysis: There is a divergence in RSI and price between the peak at 40.565 on 2020-06-08 and the peak at 41.61 on 2020-06-23, the probability of uptrend continuation is decreased and the probability of beginning of downtrend is increased. A trough is formed in daily chart at 38.60 on 07/10/2020, so more gains maximum to Major Resistance (42.90) is expected. Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses. Relative strength index ( RSI ) is 59.
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Although I don't trade usoil but the effort you guys put into your analysis that's awesome and indeed very helpful for new traders like myself.
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