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Crude Oil weekly chart study

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Crude Oil weekly chart study.

We see that the Fibonacci levels as well as the pitchfork boundary coincides and shows a strong resistance and a possible price reversal zone. RSI divergence also substantiates our bias. We will confirm the beginning of a new downtrend only after the wedge breakdown.

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Moving towards the wedge top

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Could face strong resistance hereafter (76-78)

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Rising wedge broken

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Massive fall since the rising wedge was broken and Crude hit the pitchfork resistance.

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Levels to watch out for next ---> 54-52 zone and 47-49 zone

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Crude oil currently at 54-52 zone. Expecting an intermediate bounce from here. One should avoid going long as the major trend is down. Short sellers can book profits here and wait for a bounce before taking fresh short position.

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Crude oil closed below 200 week SMA which is a further sign of weakness.

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Moving exactly as expected.
Could face resistance at the pitchfork boundaries as plotted.

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After struggling at the pitchfork boundaries for almost a month now Crude oil is falling sharply

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Moving exactly as plotted.

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At pitchfork median

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Moving towards the pitchfork bottom