Oil Macro Look - Bearish still possibly
Oil looks bearish here on a macro timeframe. It broke down through the upward macro sloping trendline around Aug. and then thru the 50 dma in Sept. and has been in a downtrend ever since then. The fast decline and bear mkt. caught many by surprise. Oil is currently showing a macro bear flag pttn. w/ tgts. being in a range of 27-16 lvls. depending on where you draw the top of the flag. It looks like Oil is currently consolidating and will prolly do so for a few months before continuing lower. As always........watch volume for confirmation.
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