Vladimir Ribakov analyzes crude oil on May 19, 2020, identifying an ABCD corrective pattern with bearish MACD divergence and RSI bouncing near 18. He expects a fake breakout and retrace before the price resumes climbing, assuming no new COVID lockdowns.
Hi guys, how are you? Vladimir Ribakov here from Traders Academy Club. This video is the daily market analysis and the day trading idea. Today we are on 19th of May 2020. I hope you are well and safe. As the economy starts to open up, we start to be exposed to attempt to go to normality. And I hope you are, you are well and safe. That's the most important thing. If you are new to the community and to the channel, so first of all, welcome to our community. I would like to invite you to subscribe to the channel. Just follow the subscribe button below the video and remember to enable this ring for notifications. As well, I would like to invite you to join our trading club and to join our free Telegram channel. Both links could be found below. This video in the description or in the comment section. On today's video, we have the oil, which I find very interesting. And here is what I see here for the longer perspective. I believe we are here now building up a corrective cycle, which could be and most likely would be developing in like two waves correction. Of course, there is always a chance it will be ranging here for a while. But the way I see that, the chances are bigger for ABCD correction. And right now, the way I see that, that the first leg is coming to the end of the correction. And the reason for that is mainly when we go to the lower time frame, we can see this trend is clearly building up and respecting the trend line. When we try to connect the tops, we approached some significant Resistance area. Watching on the previous zones, we have this very strong area from the daily retrace, and as you can see, this zone of resistance. So the closer we get there, the bigger the pressure starts to be. And the fact that the four-hour chart starts to develop the signs for that, we have a bearish divergence. On the moving average of the MACD. Very strong sign. As you can see, RSI also visited from, uh, visited on the level of 18, bouncing from it. And we are riding for more than 20 candles on the top of the Bollinger Band without making any significant retraces. And this is the massive trendline we have. So the way I see that this area becomes a serious blockage, we might try to see the price trying to attempt new highs. But the way I see that— I might be wrong, of course— but from my point of view, this is the place where we should be exposed to some fake, uh, attempt to make highs. And from there, I would expect to see some sort of retraces to the downside, which afterwards I believe should deliver further continuation upside if There will be no surprises with a second wave of coronavirus and any new crazy lockdowns that it might bring with it. Let me know, what do you think about the oil? I know this recently become a very, very attractive instrument, very volatile, providing some great opportunities. I know many traders are involved. Let me know, how do you see the oil? Bullish? Bearish, and where to? Where do you expect it to drop? Also, I would like to take a chance and to let you know that on my blog, VladimirRibakov.com, in free ebooks, which you can find also here in the Forex Education free ebooks, you can find a new ebook we uploaded for you. That's about support and resistances. Very good things to pay attention to and some interesting facts that maybe some of you are not aware of. So for those of you who want to download it, it's available for you completely free in the blog. So that's pretty much it for today. I wanted to share with you this idea and the previous idea I shared with you, the gold. Well, Delivered. That was very interesting analysis. If you missed that, then right now on the right top corner of the video, you will find a direct link to this video. You can watch the analysis behind this one. And, um, that's pretty much all for today. If you find such videos and such ideas interesting and helpful, please hit the like button, drop some feedback below in the comment section. Your help is very much appreciated, and thank you very much for your time. For more trading ideas, analysis on daily basis, I invite you to join our Trading Academy Club, and the link be below this video in the description and in the pinned comment. I'll see you tomorrow with more interesting views over the market. Until then, thank you very much for your time. I wish you best, and please stay safe.
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