USOIL WEEKLY UPDATE
hello trader...
I noticed a divergence in the daily oil chart between the rsi and waves 3 and 5. Rsi is still over 50 level in daily chart, which leads me to believe that the uptrend is still in progress.
yet H4 rsi is currently below 50 level. My plan is to short around $93.7 and monitor the RSI daily whether I can stay below the 50 level or any news from us or any oil announcement .
a break above previous high might took oil to next resistance level at $101. so hold you buy.
**I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
I noticed a divergence in the daily oil chart between the rsi and waves 3 and 5. Rsi is still over 50 level in daily chart, which leads me to believe that the uptrend is still in progress.
yet H4 rsi is currently below 50 level. My plan is to short around $93.7 and monitor the RSI daily whether I can stay below the 50 level or any news from us or any oil announcement .
a break above previous high might took oil to next resistance level at $101. so hold you buy.
**I have no intention of using my trading approach as a signal. I'm practicing my trading strategies, learning about market dynamics, and figuring out the best way to enter the market in the right direction.
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H4