Where my oil traders at?
I’m keeping my eye on the weekly chart here as we could be at a pivot point.
Long term the trend has been bearish.
41 weeks(ish) since we had the oil price crash and price has slowly been recovering since. The uptrend is now touching the 220SMA, which has been known to be a pivot point in the past. This is also very close to our descending trend line AND the RSI is fast approaching 70.
It could be lining up for a nice short. Of course will await confirmation before entry.