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
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,