After an incredible run, oil wti has quickly come back down to earth over the last 7 days. It's now only a few U.S. dollars over its pre-war price.
You can also see the MacD still has some ways to go to complete its downward move and I'll be on the look-out for it to start curling back up over the next ~-5-10 days for the next move up.
I'd consider the purple trendline below as the absolute bottom for WTI this year should we continue on the current trajectory. Our next step will be to test the daily 50 day moving average at 93. With the unfortunate war going on in Ukraine, I doubt this 50MA support will be broken in the near-term.
Happy hunting!
You can also see the MacD still has some ways to go to complete its downward move and I'll be on the look-out for it to start curling back up over the next ~-5-10 days for the next move up.
I'd consider the purple trendline below as the absolute bottom for WTI this year should we continue on the current trajectory. Our next step will be to test the daily 50 day moving average at 93. With the unfortunate war going on in Ukraine, I doubt this 50MA support will be broken in the near-term.
Happy hunting!