Breaking News
0

Has Oil Topped Yesterday?

By Sunshine Profits (Nadia Simmons)CommoditiesMay 22, 2020 02:12PM ET
xhaszzx.com/analysis/has-oil-topped-yesterday-200525486
Has Oil Topped Yesterday?
By Sunshine Profits (Nadia Simmons)   |  May 22, 2020 02:12PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Just like all good and bad things come to an end, so do “never-ending” rallies. Crude oil declined well over 5% today, which might mean that we already saw the end of the rally.
But did we certainly see it? Will crude oil be trading lower shortly?

Crude oil reversed without moving to the 50% Fibonacci retracement. It did encounter a resistance, though. The resistance was the highest daily close that we saw in the first half of March, right after the huge price gap. That (March 10th) closing price was $34.36, and crude oil closed at $33.92 yesterday, after temporarily rallying to $34.66. This means that crude oil attempted to move above the above-mentioned resistance, and that it had failed. This is a bearish sign, especially since it was followed by a sizable overnight decline.

Still, it’s not proof that the next sizable decline is already under way – not yet. The close below the 38.2% Fibonacci retracement would make subsequent declines very likely, but given that the 50% retracement and the intraday, mid-March highs were not reached, it seems that crude oil could still launch another intraday rally before truly topping.

The monthly crude oil chart also suggests that crude oil hasn’t reached its key resistance level just yet, and, therefore, it’s not particularly likely to have topped right now.

Has crude oil topped yesterday? That’s quite possible. 

Has Oil Topped Yesterday?
 
Has Oil Topped Yesterday?

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at xhaszzx.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (12)
Nakul Verma
Nakul Verma May 24, 2020 11:38AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Monday opens up or down any ideas?
Brock Chapman
Brock Chapman May 23, 2020 8:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes it topped
jc li
jc li May 23, 2020 1:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
this article is so confusing
James Doe
James Doe May 23, 2020 2:12AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Warren buffet doesn't used TA fancy curves, for me the truth is just like a dice. the reason you can see the foreseen react due to the robot is preprogrammed with all the known patterns
Atif Mumtaz
Atif Mumtaz May 22, 2020 10:05PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
hi nadia
Alan Rice
Alan Rice May 22, 2020 7:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
WTI less than (fibonacci) $50 /bbl (which happened years ago) predicts an impending , human , e.l.e..(sad, but true)
Mark Maxwell
MaxAnalysis May 22, 2020 7:08PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
excellent analysis of the current market sentiment.. pretty safe bet when the reality tortoise catches up with the optimism rabbit the market will heading lower.. 16-26 would be more in line with supply and demand
Fairway TradeUS
Fairway TradeUS May 22, 2020 5:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
“At the pump”
Fairway TradeUS
Fairway TradeUS May 22, 2020 5:37PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Oil is only going up! Just look ag the pump.
Gianluca Nicastro
Gianluca Nicastro May 22, 2020 3:06PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I do not understand. So is Nadia bullish?
Happy Hour
Happyhour99 May 22, 2020 2:43PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thank you Nadia! So oil will try to break next resistence before turning down again?
irish trade
irish trade May 22, 2020 2:18PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
bullish date expected ?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's xhaszzx.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email
We have a special offer for you