Oil Will Fall To $35 Per Barrel by EOY
Updated
In 2018 we had a drastic initial fall of oil from $77 per barrel to $42. We completed the .702 retrace back to $66.50 earlier this year and are now building a descending triangle for the next leg down. The initial target of the triangle is to $34.50. However, our final target is likely much lower... below $10.
Here is my previous warning on oil that I published on October 22, 2018, titled: "USOIL is Still in Crashing Pattern Since 2008"
In this idea I identified the exact bounce spot of oil, and I mentioned that we would need to wait for a setup to identify it's next move.
Well, we have it. It retraced the fall, and built a descending triangle. It's going lower.
Idea is invalidated if we break above $61.
Good luck.
Here is my previous warning on oil that I published on October 22, 2018, titled: "USOIL is Still in Crashing Pattern Since 2008"
In this idea I identified the exact bounce spot of oil, and I mentioned that we would need to wait for a setup to identify it's next move.
Well, we have it. It retraced the fall, and built a descending triangle. It's going lower.
Idea is invalidated if we break above $61.
Good luck.
Note
It looks like an avoidance of the crash has magically shown up. Interesting times are brewing in Saudi Arabia.Note
It can reject from here:
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.