Oil flirting with a breakout!
We traded the 66.5x highs in Oil live here earlier in the year and the macro picture is broadly unchanged since then, a flawless call:
Here we are tracking Crude on path to test the long term uptrend, with the current environment we are in i do not expect a clean break like a knife through butter the first time around. Rather with us currently trading in Equilibrium and the demand side giving way in the background I would prefer a test of the lows, followed by a pullback before we finally achieve the macro break early 2020.
The Long term chart is crystal clear:
Best of luck all those in Oil or positioning for Q4 commodity flows.
Here we are tracking Crude on path to test the long term uptrend, with the current environment we are in i do not expect a clean break like a knife through butter the first time around. Rather with us currently trading in Equilibrium and the demand side giving way in the background I would prefer a test of the lows, followed by a pullback before we finally achieve the macro break early 2020.
The Long term chart is crystal clear:
Best of luck all those in Oil or positioning for Q4 commodity flows.
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Related publications
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.