30-mins OIL: Death Cross Indicates Downward Momentum
If you followed us for some time now, you probably notice that our trading methods heavily rely on MA crosses and Fibonacci. In this particular case, we registered a Death Cross, where a short term MA breaks below a longer term MA. This is a classic sell signal and indeed, after the signal was triggered, short sellers saw a $700 per lot running profit. Our preference is for Oil to carry on dropping down, because investors are now shifting capital to tech stocks and crypto. First however, and in order to secure better risk to reward, short sellers might want to wait for a pullback. Cheap oil price might attract short term buyers, so its not impossible for the price to retest the area around $68.80. This aligns with the critical 38% Fib retracement and if this resistance area holds, further drops seem logical.
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