USOIL Target for Bulls with supporting trendline and Fib Retrace
I see two trendlines that could take place. A bullish one ( white) and bearish (purple). Bearish line takes us into the mid 30's. This would set up a 4th new yearly low. Since the early 90s this is something that has not occurred after a 50% drop in oil prices.
My Bullish analysis show support from a 23.6% fib retracement, a trendline that includes low from August 15', and a rounding support with August low being the apex. Takes up somewhere near $40.50
I'm inclined to believe the bull analysis will take place.
Also, in November we should see refiners come back online from seasonal maintenance, so a draw or at the very least a less then expected buildup should occur in November.
My Bullish analysis show support from a 23.6% fib retracement, a trendline that includes low from August 15', and a rounding support with August low being the apex. Takes up somewhere near $40.50
I'm inclined to believe the bull analysis will take place.
Also, in November we should see refiners come back online from seasonal maintenance, so a draw or at the very least a less then expected buildup should occur in November.
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.