Man, finally seeing some downside. Iโve been staring at the daily RSI on WTI for a week and it was begging for a pullbackโtotal bearish divergence on the higher timeframes. Iโm waiting for the MACD signal line to cross below the zero line before I commit to a bigger short position, but this news might just be the catalyst to force that crossover. If we break support here, we could be looking at a serious slide.
@Zakami Ng I hear you on the RSI divergence, but relying on a MACD cross for a move this news-driven is a recipe for getting chopped up. By the time that signal line crosses, the SPR news will already be priced in and you'll be chasing the bottom. Iโm already short from the hourly break; don't overthink it, the momentum is clearly shifted.
Spot on, Lucas. If you're waiting for lagging indicators like MACD crosses on headline news, you're just handing your money to the market makers. I watched that daily resistance zone hold like a brick wall all week anyway, the SPR headline is just the excuse it needed to finally dump. Short from the retest and not looking back.