WTI Crude Update – Emerging Pattern cup and handle on Daily Charts, Morning Star Pattern on Weekly Charts with RSI Divergence

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6 years ago

WTI Crude Update – Emerging Pattern cup and handle on Daily Charts, Morning Star Pattern on Weekly Charts with RSI Divergence

Dear All ,

Good News,

This important update on WTI Crude Oil is in a downtrend since long with intermediate change of trends in smaller time frames. The important cup & handle pattern is emerged on Daily charts of WIT crude. Cup and Handle is typically a continuation pattern however at a times it acts as a reversal pattern also. The chart is posted as below for your kind reference & study.

The above pattern already given break out on the daily charts as above & the possible levels that can inch up are also marked on the charts.

Over and above daily charts on weekly charts of WTI crude after a severe downtrend morning star pattern with RSI divergence is observed. The same can be referred from the below charts.

This is a weekly chart and you can notice here that MACD is converging closer & likely to give positive crossover. After morning star pattern its movement is also visible over the weekly charts that can been seen. Higher Highs & Higher Lows also can be seen here.
From the above we can see some positive movement in crude going forward and likely to inch up towards 4500 levels (60$ WTI Nymex). The positional trade is possible here for good risk reward ratio.

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