Oil is at the Historical Resistance

Oil is at the Historical Resistance

OIL Technical Analysis

  • Oil has made it to historical resistance
  • We can spot 1-2-3 pattern on Daily
  • Historical sellers at Weekly
  • The price should drop


  • Historical resistance
  • A retest of resistance
  • Failure to break the resistance

The price has made to historical resistance. In 2018 the price dropped from the same level straight down to almost the 0 USD per ounce (!). Now we can see that the levels is being retested and this could be a great r:r opportunity. We should see a move down, but the entry is at the Daily TF signal.


  • Historical resistance selling
  • A low
  • Rejection below the 88.6 fib

On a daily TF we can see a rejection at and below 88.6. The bearish candle indicates the bearish pressure and its a big pinbar that could invite fresh sellers to join. 74.72-75.15 is the entry zone. The stop goes above the highs. The target for this move is 67.34.  Watch for in-between levels for trade management if you are in a short sell position.