Oil has really started to free fall.
The death cross on the daily chart has occurred. this is where the 50 MA intersects with the 200 MA in a downtrend.
This often implies more downside to the medium and long term but is often a great short term long signal.
Usually when you get this signal the market makers bounce the stock or commodity a bit before taking it lower.
We are hitting a massive multi year trend line going back to 2022 that should act as some support.
XLE looks ready for 1 more down leg before a swing tradable low is in.
Energy does have a tendency to fall precipitously so understanding oil can keep falling if investors fear the worst or a recession.
The death cross on the daily chart has occurred. this is where the 50 MA intersects with the 200 MA in a downtrend.
This often implies more downside to the medium and long term but is often a great short term long signal.
Usually when you get this signal the market makers bounce the stock or commodity a bit before taking it lower.
We are hitting a massive multi year trend line going back to 2022 that should act as some support.
XLE looks ready for 1 more down leg before a swing tradable low is in.
Energy does have a tendency to fall precipitously so understanding oil can keep falling if investors fear the worst or a recession.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.