Oil Corrective Price Action Continues
The large descending (often bullish) channel in blue continues to suggest that Oil will continue
to challenge the above prices. The weekly chart (not shown here) suggests that the trend is getting
weaker with the print of TWO LARGE DOJI candles. This does not inspire confidence to buy this
and better to just wait for confirmation. The plan continues to be that 93.23 area is where this
will turn back down. Nothing to me indicates that this will head higher than that target and if we take in to
account the weekly candle patterns that it might not even make it there. For now we just wait on oil
to do it's thing.
to challenge the above prices. The weekly chart (not shown here) suggests that the trend is getting
weaker with the print of TWO LARGE DOJI candles. This does not inspire confidence to buy this
and better to just wait for confirmation. The plan continues to be that 93.23 area is where this
will turn back down. Nothing to me indicates that this will head higher than that target and if we take in to
account the weekly candle patterns that it might not even make it there. For now we just wait on oil
to do it's thing.
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.