Wednesday, March 2, 2022

WTI Blow Off Top?

 Take a look at the Fibonacci .62 relationship between the last leg up on the long term chart below and the preceding 1 thru 3 legs up from the 2020 low.   

 Monthly Bars

                                                                 click on chart to enlarge

Crowded I know,  the .62 extension is denoted by the dotted line here. The 6.44 low is a rolling chart low obviously.  

Have to go to the hourly bar chart for the RSI to generate a negative divergence. 

If selling into this run keep leverage low and beware your prime broker. 

Just ruminating out loud not trading advice. 

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