Bearish MA20 and MA50 cross coming up here on the daily chart that has lead to significant bearish price action on the previous 2 occasions.
And here this is a clear distributive top with inverted phi - 0.618 regressive bounces forming the cause of contracting price action which will lead to the effect - trend reversal and bearish impulse.
Previous bounce - shooting star and evening star with big gap either side are a real giveaway. From there the hanging man through the 50MA and now an upper wicked candle hugging the MA show the fall will most likely come sooner not later.
This sea change will most likely reverse oil stocks.
See linked thread for higher time frame analysis.
Not advice.
And here this is a clear distributive top with inverted phi - 0.618 regressive bounces forming the cause of contracting price action which will lead to the effect - trend reversal and bearish impulse.
Previous bounce - shooting star and evening star with big gap either side are a real giveaway. From there the hanging man through the 50MA and now an upper wicked candle hugging the MA show the fall will most likely come sooner not later.
This sea change will most likely reverse oil stocks.
See linked thread for higher time frame analysis.
Not advice.
Note
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Moving averages crossed and a gap down to start the week - could be quite a bearish one.
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Your FA guru can't read a chart💭
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.