RSI Indicator Crude Oil Chart Patterns & Oil Trading Trend Lines
Traders can draw oil trend lines on the RSI in the same way as you can draw oil trend lines on the crude oil price charts. RSI oil trend lines are drawn the same way oil trend lines are drawn on the oil chart; by joining consecutive highs of the RSI indicator or consecutive lows on the RSI oil trading Oil Trading Crude Oil Indicator.
RSI Oil Trading Trend Lines and Oil Trading Trend lines on Oil Trading Charts
RSI Oil Trading Chart Patterns in Oil Trading
RSI Chart patterns such as head and shoulders crude oil chart patterns or triangle oil trading chart patterns that are not evident on the crude oil price chart are often formed on this RSI oil trading technical indicator.
RSI indicator also often forms crude oil chart patterns such as head & shoulders or triangles crude oil chart patterns that may or may not be visible on the crude oil price chart. As shown on the oil chart below the Reverse Head and Shoulders reversal formation is clearly shown on this oil trading RSI indicator.
Oil Trading Chart Patterns on RSI Oil Trading Technical Chart Technical Indicator
Support & Resistance Levels Trading using RSI Indicator
Sometimes oil chart levels of support and resistance levels are demonstrated better on the RSI indicator than on the crude oil price chart.
In an upward oil market trend the support levels should not be broken at any one time, if they are broken then crude oil price will also break the support levels and the upward oil trend is going to reverse.
In a downward oil trend the resistance levels should not be broken, if they are broken then crude oil price will also break the resistance levels, and the downward oil trend is going to reverse.
Support and Resistance Levels on RSI Technical Indicator
In the crude oil trading example above when the third resistance level was broken the downward oil trend reversed to an upward oil trend and when the sixth support was broken the upward oil market oil trend reversed and broke the upward oil trend line.
