Crude Oil (WTI) – Bearish Patterns on Radar

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Crude Oil (WTI) seems to be running out of steam and the charts are pointing towards the possibility of bulls exhaustion signs.

From a technical stand-point, WTI could be preparing for another wild swing as it is trading within the vibration levels range.

Crude Oil (WTI) – 4H Chart

Bearish Patterns on Radar

Charting & Technicals:

  • Harmonic AB=CD Pattern present: Bearish Butterfly
  • Minor X (red) correcting within a Rising Channel
  • Volumes decreasing & oscillators showing a possible Bearish Divergence
  • Double Top possibility
  • Fibonacci Extensions of Minutes A&B (blue) possibly aligning towards the Bearish Divergence confirmation

*The present analysis is to be treated as simple market commentary and not as an investment advice or as a solicitation to trade. Please be aware of the real risk involved by trading financial instruments.

Many pips ahead,

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Richard is passionate about technical analysis with years of charting experience under his belt. When it comes to his insights and how he analyses the markets, he uses leading analysis tools. In particular, Elliott Wave Analysis is his forte, and he dedicates the majority of his time using this analytical method. Richard uses Elliott Waves in combination with Structures, Patterns, Divergences, and then spices things up with Vibration Levels, Fibonacci measurements, Channeling, Break-outs or Flag formations.