WTI Further downside risk?
Commentary:
WTI crude: The sharpe sell-off on November 28th may have strengthened the case for further weakness in the short term (5-25 days), the November 28th opening at $76.60 and intra day low at $73.93 followed by a closing price which was below the previous day’s high (November 27th) could be confirmation for a resumption of the November 7th - November 28th downtrend. Current price is below the 20 and 50 day moving averages (bearish); MACD is below its signal line (bearish); multi-week lower tops and lower bottoms on price indicate a downtrend (dow pattern), therefore, short positions can be technically supported for a potential downside target near the $70 round number, provided price can remain below the $83.4 resistance.
Not investment advice. Past performance is not indicative of future results.
WTI crude: The sharpe sell-off on November 28th may have strengthened the case for further weakness in the short term (5-25 days), the November 28th opening at $76.60 and intra day low at $73.93 followed by a closing price which was below the previous day’s high (November 27th) could be confirmation for a resumption of the November 7th - November 28th downtrend. Current price is below the 20 and 50 day moving averages (bearish); MACD is below its signal line (bearish); multi-week lower tops and lower bottoms on price indicate a downtrend (dow pattern), therefore, short positions can be technically supported for a potential downside target near the $70 round number, provided price can remain below the $83.4 resistance.
Not investment advice. Past performance is not indicative of future results.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.