Selling WTI Oil at Intra-Day Resistance
Skerdian Meta • 1 min read
Crude Oil has been trading on a bullish trend since the middle of April, when the crash ended and US WTI crude climbed from the bottom of the abyss. The sentiment improved with the reopening of the world in May and June, which helped crude Oil, while the USD has turned quite weak during this time, adding further strength.
During this time, moving averages were doing a good job on the daily and the H4 chart, providing support during pullbacks lower and pushing the price higher. Although, a resistance zone has formed on the intraday chart, so we decided to open a sell forex signal here.
The resistance zone stretches from $42.80 to $43, which has been stopping US crude Oil form moving higher. Buyers tried this area twice in the last few sessions, but it failed both times. The price reversed down after the doji candlesticks at the resistance, which are bearish reversing signals, so it seems like sellers are in charge now. We are in profit with our signal already, but hoping to see the price fall further in the coming hours.