Home Forex Chart Artwork: Reversal Sample and Pullback on WTI Crude Oil (USOIL)

Chart Artwork: Reversal Sample and Pullback on WTI Crude Oil (USOIL)

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Chart Artwork: Reversal Sample and Pullback on WTI Crude Oil (USOIL)

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Missed the neckline breakdown on crude oil?

When you’re nonetheless bearish on the commodity, this pullback is perhaps a possibility to brief!

Take a look at this pattern reversal setup on the 4-hour timeframe!

WTI Crude Oil (USOIL) 4-hour Chart

WTI Crude Oil (USOIL) 4-hour Chart by TV

Crude oil fell by means of the neckline of its head and shoulders formation, hinting {that a} downtrend is within the playing cards.

It’s nonetheless in correction mode, although! The Fib retracement device reveals that this space of curiosity is correct across the 61.8% degree, which already seems to be attracting extra bears.

If that’s the case, the commodity might quickly make its means again to the swing low close to $78 per barrel or fall by the identical top because the chart sample.

Stochastic is already pointing down from the overbought zone, which implies that bearish vibes are able to return whereas consumers are taking a break.

Nevertheless, the 100 SMA is above the 200 SMA to recommend that the trail of least resistance is to the upside. In different phrases, there’s nonetheless a slight likelihood the uptrend may resume.

It’s price noting that the hole between the shifting averages is narrowing to replicate slowing bullish stress, and that the 100 SMA is popping decrease to trace at a possible downward crossover.

Simply be sure you hold tabs on total market sentiment when buying and selling this one!

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