Crude oil is at the resistance of the broadening ascending wedge inside the bigger rising wedge. Also the RSI shows overbought conditions and divergence from price on both daily and weekly chart. Since this pair is highly volatile it may be best to look for a daily candle close with a shooting star at the resistance of the broadening descending wedge before going...
Is a correction underway before further advance?
Disclaimer: This is not a financial advise. This is my way of sharing my trade ideas with the community and any decisions you make from this is entirely yours and has nothing to do with me.
WTIUSD or Crude Oil or USOil Long Idea from our strong Support Level.
Trading Levels : »53-52 | 51-50 »Risk=0.5point | TP = 54.5
Fundamental Imp—As predicted more stimulus talk $1.9 Trillion by Biden push OIL in bull mode from our levels, next TP=54.50/56.00
PREVIOUS RESULT—Enjoy PRECISE LEVEL1=52.2 to 53.8=1.6point gain=24hrs
WTI had a short-lived spike above resistance and this rise proved to be a false break.
Now Oil is trading just in rising trendline support and a break here should accelerate losses towards at least 37.