Crude oil still in a channel...trending lower, BUT is it a bull flag or topping?
Daily chart
Personally it looks like after the bottom formed in Oct 11, which showed bullish divergence between Price and RSI, we had a STRONG LEG up to the November high, and since then it looks like it is in consolidation for at LEAST one more leg higher.
A significant break of the December lows would change that
STRATEGY if bullish : buy on weakness, or wait for a break above 101
Weekly chart
RSI seems to have found support, only negative is MACD may be about to cross down, BUT lagging indicator and many time it approaches the signal and turns up.
Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.
— Marcus Aurelius
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