WTI, double top
USOIL shows a nice divergence on RSI on a weekly chart, signalling that a double top formation has formed. An early entry could be at the break of the support zone and trend line. Otherwise a bounce of that level could be traded as well.
This could be in line with recent oil sentiment: Trump wanting lower oil prices, and OPEC+ seemingly ready to increase production. Also escalating relations between Iran and US over the weekend could lead trigger Iran to make good on their threat and close the gulf, disrupting oil supply further.
Happy trading!
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