Oil broke on Friday above the 1D MA50 but sees heavey selling pressure today retracing back below, after the 4H RSI double topped on the 70.000 overbought level. In fact technically the 4H chart is about to turn neutral (RSI = 56.810, MACD = 0.880, ADX = 49.898) and will search for the 4H MA200 - 4H MA50 Zone for the first batch of buyers.
The RSI rejection is along the technical lines of previous long-term bearish moves, in particular draws comparisons with the Double Top of November 7th 2022. This will be confirmed if the Higher Lows (HL) Support breaks. That is our sell signal on which we will target the 70.00 Support.
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The RSI rejection is along the technical lines of previous long-term bearish moves, in particular draws comparisons with the Double Top of November 7th 2022. This will be confirmed if the Higher Lows (HL) Support breaks. That is our sell signal on which we will target the 70.00 Support.
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
## Also DONATIONS through TradingView coins help our cause of increasing the daily ideas put here for free and reach out more traders like you. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial