Up-date on July, 8 analysis
Finally, the leg dropped to approx. $39, which I did not expect any more. Here one can see, that it is not only important to get the prediction of the movements right, but also the timing. I failed on the timing badly in this case. Nevertheless, we go forward and here is the probable path. We have another W-formation building up and its extension could bring a price level up to between $43 to $44, which is also a Fib-time structure. The trigger could be firstly the higher than expected drop in stock level and may be an unchanged production level of OPEC+. I judge negatively, that price moved out of the main channel, which gives me the feeling that we have entered a topping process and a major change of price trend could be in front of us. (Remarks: the green and yellow horizontal lines are RENKO resistance/support levels)
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.