WTI OIL just formed a Golden Cross on 1D!

12 thg 10, 2020

Oil is under pressure since Friday as it got rejected just short of the 41.70 Resistance. However as you see on the right chart (1D time-frame), that formed a Golden Cross, which is typically a bullish formation. Interestingly enough, the price action since the August high resemble that of early March - late May (when Oil formed a Bottom).

On the 4H chart, symmetry is having its way as we have 2 perfect contacts on the 41.70 Resistance and 36.60 Support already. If that pattern continues to be symmetrical, we may see a bounce on the 38.85 (or close) Interim Support (or Pivot however you may want to call it), as it happened on September 21.

Which pattern do you think will weigh more on Oil? The 4H Resistance/ Support or the 1D Golden Cross can make it finally break above and towards a new High? Feel free to share your work and let me know in the comments section!


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