August 2015 lows as resistance to USOIL at 39US$ +divergence

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August 2015 lows as resistance to USOIL at 39US$

As we all know USOIL mainly reacts to markets' moves, so we will have to see how markets pick up the
doom & gloom news from the ECB on monday/tuesday.

Technically it clearly is a short, with growing bearish divergence in the H4 between RSI and the curve.

Decline is possible down to 34US$ (0.382 Fib support + round number) in the coming week.

Thanks for your attention.
Always make sure you only use this as an inspiration to make your own analysis and plan your own trade carefully.

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تم فتح الصفقة

As you can see, all that bearish tendency was too much for Crude USOIL to continue its recovery.
Now we have reached the monthly support around 36.70 US$ and the upper layer of the H4 Ichimoku cloud, so we should watch closely if the WTI will bounce from here or continue downwards to 36 US$ (0.23 Fib) or even further towards 34 US$.

The news from Iran about them increasing their production before negotiating any supply freeze have surely added to this downward move.

Cheers,
SinatraFX