Light crude

Hi F4T, where is that blue line coming from?

F4T

It didn't work out well, its below main trend line now so i'm out, may concider reenter if it there will be some positive shape later

looks like that trend line and fib level has been busted!! this needs to bounce back quickly, or it could well take the ftse with it!!

wdik, dyor,
trendfriend

Daily chart, and touch of the trendline


And it loks like there is adouble bottom now on 1h chart, it can still deep to touch fib line but should rally from there quickly for this bottom pattern to be valid imo


I'm not too concern about rsi on daily chart at this stage as it is correcting the cycle and rather normal in this situation(confirmation of the recent cycle ended)
Please dyor
madmaxx

More importantly, yesterdays close was at trendline support. It should form a higher low here, otherwise we are looking at 44. With regards to the fibs, you are correct (i have 46.75). The combination is providing the current support. The more important fib retracement is off the trend low in August.

My concern would be the RSI which has already backtested the minor trendline and has some distance to the longer term one.