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

W1 CHART OIL

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.

D1 CHART OIL

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.ﾂ Watch for in-between levels for trade management if you are in a short sell position.