WTI Crude Oil (USOIL) Reversal Pattern and Pullback

Have you missed the neckline analysis of crude oil? During this retreat, if you're still pessimistic on the commodity, you might want to consider going short.

Technical Analysis
2024年1月24日

Have you missed the neckline analysis of crude oil?

During this retreat, if you're still pessimistic on the commodity, you might want to consider going short.

Look at this setup for a trend reversal on the 4-hour time frame!

The neckline of the head and shoulders formation of crude oil was broken, indicating the possibility of a downward trend.

But corrective mode is still active! The 61.8% level, which already seems to be drawing more bears, is the area of importance, according to the Fib retracement tool.

If so, the commodity may soon return to the swing low of around $78 per barrel or it may decline by the same amount as the chart pattern.

While buyers are taking a break, stochastic is already heading downward from the overbought zone, indicating that bearish sentiment is about to return.

The 100 SMA is, however, above the 200 SMA, indicating that the upward direction is the one with the least amount of resistance. In other words, there's still a remote possibility that the uptrend will start up again.

It's important to note that the distance between the moving averages is closing in, which indicates a slowing bullish pressure, and that the 100 SMA is heading lower, which suggests a likely bearish crossover.

When trading this one, just be sure to pay attention to the mood of the market as a whole!

Robert Thompson

Technical Analysis

GOLD Spot (XAU/USD) Technical Analysis

The pricey metal is forming a consolidation pattern as it approaches its probable range support. Will there be a break or a bounce?

Robert Thompson
2024年1月17日

Technical Analysis

FTSE 100 Index (UK100) Technical Analysis

This week, U.K. shares fell due to inflation statistics that were slightly stronger than anticipated. Could this portend a collapse of the FTSE 100?

Robert Thompson
2024年1月10日

Technical Analysis

GBP/CHF Technical Analysis

The long-term range support for this pound pair appears to be in place once more for a bounce! This time, how high can it rise?

Robert Thompson
2024年1月03日