Is crude oil price fall over ?

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After so many recent facts occurred regarding the crude oil and energy sector generally it wouldn’t be possible to analyse it correctly in one article and that’s why i am not going to talk about the changes on ”fundamentals” of Crude Oil,if you can call them this way. So i will exclude the decision of president Trump to cancel the Paris climate agreement,the tension between the Qatar and nearby countries and the enlargement of O.P.E.C agreement and many others facts and I will focus on the chart as technical analyst listening only the price.

TECHNICALLY OBSERVATIONS: 

1.  Price moved below 200EMA.

2.  200EMA started to sloping downwards.

3.  We can notice 2 channels the mid-term descending channel and the   short-term ascending channel.

4.  We are about to have a bullish Bat pattern.

5.  We have a bullish RSI divergence.

6.  Stochastics are in oversold area.

7.  We have a strong support at these levels as price had bounced back   from these levels at the past.

8.   If we take the Fibonacci extensions of the two legs AB and BC, we can see that it perfectly coincides with the support area.

9.   Every time we bounced back from these levels we had a strong green        candle.This time we can see a weak price action and two doji candles  if today price close at these levels which is a bearish continuation   formation that’s why i believe we are going to see a litle further downward move to Bat pattern completion before we bounce back.




10.  Also if price retrace to those levels we have a re-test of bottom trend line of the short-term descending channel.

POSSIBLE TRADE:   PLACE PENDING ORDER AT BAT PATTERN   COMPLETION 43.35$ FIRST TARGET T1 AT 47.50$ WITH P/L RATIO 2.15 SECOND TARGET AT 50$ WITH P/L RATIO 3.50 STOP LOSS AT 41.60


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