WTI with sell opportunities from current levels

17.05.2019 / 15:40

Rating:

WTI

Timeframe: H1, H4

Technical Analysis: The chart shows that the price has touched two strong trend lines that play a strong role in resistance. At the same time, the last 1-hour bar closed with engulfing, and the price has formed a divergence (two higher highs on the price, while the RSI indicator has three consecutive lower highs), which is an additional indication that the upward movement is already exhausted .

Indicators:

RSI - Displays the presence of divergence that supports the sell scenario.

DeM - in over bought values, which supports the sell scenario.

The price is over 50 and 200 EMA, and they play a supporting role at this stage.

Entry into Deal: From current levels.

SL: 64.30

Alternative scenario: If the price can break the current resistance (the red and green trend lines) and 61.8 Fibonacci, then it will continue to rise to the next strong resistance at 64.80.

Trader Milko Zashev

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WTI with sell opportunities from current levels

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