Oil prices have fallen below the 50-day moving average, the MACD death cross has been followed by a continuous expansion of the green bars, and the KDJ lines are opening downwards, indicating an overall bearish trend on the daily chart. However, signs of stabilization have emerged around $88, and the RSI indicator is approaching oversold territory, suggesting a short-term technical need for a rebound from oversold conditions.
4-hour chart: The MACD shows a bullish divergence signal, providing some technical evidence for a short-term rebound. The current resistance level is located in the $91.71-$92.4 area, which is a key dividing line between short-term bullish and bearish trends.
1-hour chart: The trend is showing the beginnings of a flag pattern, with the moving average system in a bearish alignment, indicating significant downward pressure and continued dominance of bearish momentum.
Short positions can be entered around $92.
4-hour chart: The MACD shows a bullish divergence signal, providing some technical evidence for a short-term rebound. The current resistance level is located in the $91.71-$92.4 area, which is a key dividing line between short-term bullish and bearish trends.
1-hour chart: The trend is showing the beginnings of a flag pattern, with the moving average system in a bearish alignment, indicating significant downward pressure and continued dominance of bearish momentum.
Short positions can be entered around $92.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.