Chart of the Day -Crude Oil- (Nov. 13th 2018)

14th November 2018 Off By binary
Chart of the Day -Crude Oil- (Nov. 13th 2018)

Crude Oil is testing confluence of supports after a huge down day.

Crude oil has fallen quite dramatically in the last few weeks and over 28% from the 2018 highs set in October. The RSI is testing levels not seen since 2012 and grossly oversold while the DSI has reached single digits. We are also testing the 61.8% Fibonacci level from the June 2017 lows to October 2018 highs and the previous support / resistance area. The market may be poised to bounce in the S/T, but this move looks impulsive, which means that rallies from here of any substance are likely to find sellers.

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Blake Morrow

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