#Crude Oil $Crude Oil #Trading

The weekly trend is holding bullish, and the closest rsi suggests the uptrend from 91.21 is being tested.

The daily wave is also holding bullish and the rsi on duration looks oversold and still holding the trend from 91.21 as shown above - for now.

 The 4hr chart shows a bearish wave, in the retracement noted above and has been peppering the 23.8% fibo line of that move from 91.21. This was actively tested on the way up, 3 times, and is now being tested from above. Resistance becomes support? The 4hr rsi and momentum study are oversold and potent for an upside test. With the weekly and daily studies still bullish, I am angling long in case 23.8% is enough. Perhaps relook at the weekly chart for those upside channel targets.

The hourly chart shows positive divergence on the rsi and a possible contracting diagonal, signifying a test uphill is coming soon, if not started already. The momentum study is oversold too, but the wave had not turned up yet, so more proof required I think. I have put the fibos on the chart for the move down from 107.64 to the current low, and possibly price will be rejected up there, if we are to get a larger daily/weekly trend retracement of more than 23.8%. However, here is not the place to be deciding on that. Looking north and hoping!