Try again on renewable resources - USOIL ready for next leg down
Hello there, this is our view on USOIL, enjoy!
Oil made a great dead cat bounce after the capitulation that occurred on March 9th and the following week but couldn't really manage to completely reverse the trend. So what's now for wti crude oil?
First of all, let's focus on the news: US is now leader both in total coronavirus cases and in deaths, which isn't positive for any sort of market. Yet the crisis end can't be foreseen (some people claim it'll be during next couple of months, but no one could effectively state if the real peak has already occurred, so who knows?), we hope we'll see an end very soon.
Now, let's focus on pure technical analysis: price is still stuck inside a pennant, which once broken will state a continuation in (bearish) trend. Then we can also see a bearish turn in high/low count: yet could manage to mark a lower high, while latest thing was a higher low. Next opening prospects to be bearish since Easter holidays have been bearish so far for futures. This is also part (on h4) of a perfect AB=CD pattern, which already played out through the HL. Price is now moving below many pending bearish moving average crosses. Either do exponential moving averages. It couldn't manage to breakout mid bollinger band twice, which resulted in an extremely bearish double top.
Then oscillators they come: fisher transform is just about to form a death cross, meanwhile relative strength index, stochastic and ultimate weren't able to grow to an higher high, so they do look like the price and are now going to test lower trendlines onto them. Nice recover trend on moving average convergence/divergence and awesome.
No bullishness spotted on this chart since also candles study suggests (with a bear engulfing) a bearish turn.
We're not able to predict a strategy for the price since we're not used to trade without volumes, all levels are marked on chart.
Happy Easter at home! Anlvis
Oil made a great dead cat bounce after the capitulation that occurred on March 9th and the following week but couldn't really manage to completely reverse the trend. So what's now for wti crude oil?
First of all, let's focus on the news: US is now leader both in total coronavirus cases and in deaths, which isn't positive for any sort of market. Yet the crisis end can't be foreseen (some people claim it'll be during next couple of months, but no one could effectively state if the real peak has already occurred, so who knows?), we hope we'll see an end very soon.
Now, let's focus on pure technical analysis: price is still stuck inside a pennant, which once broken will state a continuation in (bearish) trend. Then we can also see a bearish turn in high/low count: yet could manage to mark a lower high, while latest thing was a higher low. Next opening prospects to be bearish since Easter holidays have been bearish so far for futures. This is also part (on h4) of a perfect AB=CD pattern, which already played out through the HL. Price is now moving below many pending bearish moving average crosses. Either do exponential moving averages. It couldn't manage to breakout mid bollinger band twice, which resulted in an extremely bearish double top.
Then oscillators they come: fisher transform is just about to form a death cross, meanwhile relative strength index, stochastic and ultimate weren't able to grow to an higher high, so they do look like the price and are now going to test lower trendlines onto them. Nice recover trend on moving average convergence/divergence and awesome.
No bullishness spotted on this chart since also candles study suggests (with a bear engulfing) a bearish turn.
We're not able to predict a strategy for the price since we're not used to trade without volumes, all levels are marked on chart.
Happy Easter at home! Anlvis
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