We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.
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Moving towards the wedge top
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Could face strong resistance hereafter (76-78)
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Rising wedge broken
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Massive fall since the rising wedge was broken and Crude hit the pitchfork resistance.
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Levels to watch out for next ---> 54-52 zone and 47-49 zone
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Crude oil currently at 54-52 zone. Expecting an intermediate bounce from here. One should avoid going long as the major trend is down. Short sellers can book profits here and wait for a bounce before taking fresh short position.
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Crude oil closed below 200 week SMA which is a further sign of weakness.
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. Moving exactly as expected. Could face resistance at the pitchfork boundaries as plotted.
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After struggling at the pitchfork boundaries for almost a month now Crude oil is falling sharply