USOIL at a pivot point?

Smith2525 · January 20, 2021, 5:30am

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.

Thoughts??

Johnscott31 · January 20, 2021, 6:08am

Went long a couple of days back - nice little profit so far.

CraigForex2020 · January 20, 2021, 5:02pm

Nice trade. Looks really promising!

MattyMoney · January 20, 2021, 5:39pm

Yes, be very careful because Oil is expected to continue to recover through 2021. Assuming we get COVID under control then more and more people will be traveling regularly.

I’m waiting for it to break above resistance to enter long.

lynettegilbert · February 12, 2021, 11:45am

I think you are on the right track. Just make sure that you keep an eye on the news and latest trends because they can affect your trades to a great extent. Yahoo Finance is a great option that will help you in making nice trades in the future and make you understand when to go short and long.