In a market where everything goes up, and ignoring the fact that we are no better than when the year started... something was gonna give.
It is Crude Oil that appears to cave in first...
The daily Crude Oil futures CL1! clearly shows a waning momentum to push oil prices just about 42. And this waning momentum was under a technical bearish divergence of the MACD, and price action within a rising wedge.
Any technical chartist would know the probability of how this eventually pans out...
So here you go, Crude appear to be the first mover, and soon, when it fails to bounce off the wedge support, breaks down, and drops below 40... we all would have an “ah ha!” moment.
Well, you got a heads up here... be warned, it almost time.
Interesting outcome... I was watching a couple of charts, wondering which would give the first signal, and how the cascade would start.
Stay safe and have a good weekend ahead!
It is Crude Oil that appears to cave in first...
The daily Crude Oil futures CL1! clearly shows a waning momentum to push oil prices just about 42. And this waning momentum was under a technical bearish divergence of the MACD, and price action within a rising wedge.
Any technical chartist would know the probability of how this eventually pans out...
So here you go, Crude appear to be the first mover, and soon, when it fails to bounce off the wedge support, breaks down, and drops below 40... we all would have an “ah ha!” moment.
Well, you got a heads up here... be warned, it almost time.
Interesting outcome... I was watching a couple of charts, wondering which would give the first signal, and how the cascade would start.
Stay safe and have a good weekend ahead!
