I originally thought that we'd see a move higher off the bounce from $69, however the chart has now morphed and looks more bearish than it did over the summer.
If we break the trend line to the downside, then I think it's likely that we can see a crash to the $40 region before the bull market in oil really starts.
Let's see how it plays out over the coming months.
If we break the trend line to the downside, then I think it's likely that we can see a crash to the $40 region before the bull market in oil really starts.
Let's see how it plays out over the coming months.
Order cancelled
Maybe we get one more retest of $66 before a move up, but I think downside is less likely now. Will likely go long in the next couple of weeks.Note
If it breaks down below the trend line here, the short will play out.Note
Now broken. Let's see if we get follow through.Note
Yeah increasingly think this idea will play out now that the trend line has broken. Now that we've tagged the $83 resistance and broke below the blue line, I think we see a move down to the lower supports before the bull run starts.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.