Current thoughts on crude oil
These charts represent some thoughts I have on current crude oil prices and action. I'll start with the monthly chart. I believe that a major downtrend is still in play and that price is moving up toward the upper channel.
Weekly chart:
Daily chart:
4Hr chart:
1Hr chart:
Bottom line: watching the ascending triangle on the weekly chart. I think this is key to understanding when price will challenge the upper monthly channel line. 1st day of trading week of 2016-12-12 should give insight. A substantial break above weekly resistance should be indication that move to monthly channel support is underway.
Weekly chart:
Daily chart:
4Hr chart:
1Hr chart:
Bottom line: watching the ascending triangle on the weekly chart. I think this is key to understanding when price will challenge the upper monthly channel line. 1st day of trading week of 2016-12-12 should give insight. A substantial break above weekly resistance should be indication that move to monthly channel support is underway.
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