Rising wedge indicates breakout to the lower side
Oil recently published a stockpile of over 10Mil barrels in the past week adding to the current supply glut.
Interestingly, despite price increasing for the oversupplied black gold a rising wedge has formed and would indicate a break to the lower lows is on. I also have divergence on the RSI giving me confluence that price is about to retrace.
I'm placing sell stops below the 33.4 mark with a target of 29 or potentially the 26 mark. I believe this may be oils last leg down before bottoming out.
For more information please visit my website to sign up to it's release at: www.ejfxtrading.com
Interestingly, despite price increasing for the oversupplied black gold a rising wedge has formed and would indicate a break to the lower lows is on. I also have divergence on the RSI giving me confluence that price is about to retrace.
I'm placing sell stops below the 33.4 mark with a target of 29 or potentially the 26 mark. I believe this may be oils last leg down before bottoming out.
For more information please visit my website to sign up to it's release at: www.ejfxtrading.com