Selling WTI Oil at Intra-Day Resistance

Crude Oil tried the upside at $72.90 today, but failed again at that resistance zone

The reversal came after the doji candlestick

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.

ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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