The WTI oil (USOIL) 4H Diagram Technical Analysis shows the following:
The USOIL price has made a long term decline under the resistance red lines. This resistance line is under the KUMO, which means that the USOIL is bearish in long term. The weekly diagram shows bullish trend and the monthly marginally too. Monthly diagram is likely to follow an asceding triangle movement.
MACD is weakening its bearish force and RSI rise from oversold levels. As you can see in diagram in last 4hours on Friday the price react from a like a double bottom (?) pattern.
We have no special candlestick pattern. The price is under the KUMO, the Kijun Sen (blue line) and Tenkan Sen (green line) too. The last week decline stopped twice on $103.78.
There is no special pattern. The fib from $106.77 to $105.57 shows a 2.618 level at $103.64. It seems like a support level this 2.618 of fibonacci projections.
So I think that if the 2.618 of fib is a support level and the price has made a double bottom, then it looking forward the Tenkan Sen (1st) and the @Kijun Sen (1.618 of fib) - yellow circle. Stop loss under 103.50.
The USOIL price has made a long term decline under the resistance red lines. This resistance line is under the KUMO, which means that the USOIL is bearish in long term. The weekly diagram shows bullish trend and the monthly marginally too. Monthly diagram is likely to follow an asceding triangle movement.
MACD is weakening its bearish force and RSI rise from oversold levels. As you can see in diagram in last 4hours on Friday the price react from a like a double bottom (?) pattern.
We have no special candlestick pattern. The price is under the KUMO, the Kijun Sen (blue line) and Tenkan Sen (green line) too. The last week decline stopped twice on $103.78.
There is no special pattern. The fib from $106.77 to $105.57 shows a 2.618 level at $103.64. It seems like a support level this 2.618 of fibonacci projections.
So I think that if the 2.618 of fib is a support level and the price has made a double bottom, then it looking forward the Tenkan Sen (1st) and the @Kijun Sen (1.618 of fib) - yellow circle. Stop loss under 103.50.
