West Texas Oil: Trend Reversal

26 Okt 2021

There are multiple signals that indicate that WTICOUSD (West Texas Oil) will reverse the current trend.
Price is still moving upwards but might soon change direction.
All signals and indicators are related to daily candles.

• There is a strong divergence of price vs. the MACD histogram
  
• While price is going up, the Commodity Channel Index (CCI) is showing lower highs AND lower lows
  
• MACD is about to cross the signal line
  

These are three signs that we might see a trend reversal - and I'm pretty sure, that with further technical analysis, we would see more signals that will prove the idea of a reversal.
When shorting Oil, the profit target could be at the monthly pivot point at around 73.158.
The current monthly pivot has not yet been touched by price - the probability is high, that price will drop to that level.