Crude Oil on a nice downtrend
Crude Oil (WTI) FX:USOIL
I’ve been chasing this bearish move on Crude Oil (WTI) since 76’s Political turmoil has sent it quite deep but it looks it has achieved a oversold state which means it can see a bullish trend in the short term. I want to see how deep this move goes, ideally generating a divergence to set a rally. Remember that Sep-Jan is the bearish period for oil according to historic price averages.
I marked next resistances in my chart, I expect that to be the bottom of the channel but let’s wait for confirmation. 🙂