Why Crude Oil is Likely Heading For a Major Decline
Chart is self-explanatory:
Multiple Technical factors suggest the "MOST LIKELY" scenario is a down move for oil 0.73% in the coming weeks to months:
- A retest of major long term trend line ( from 2008 all time high)
- A retest of major long term price barrier at 75/barre
- Divergence between Copper 1.34% and Oil 0.73% for more than 10 months.
- Swing failure technical setup on Relative strength index indicator.
Note: nearly 80% of the head and shoulders bottom ideal target was reached.
Multiple Technical factors suggest the "MOST LIKELY" scenario is a down move for oil 0.73% in the coming weeks to months:
- A retest of major long term trend line ( from 2008 all time high)
- A retest of major long term price barrier at 75/barre
- Divergence between Copper 1.34% and Oil 0.73% for more than 10 months.
- Swing failure technical setup on Relative strength index indicator.
Note: nearly 80% of the head and shoulders bottom ideal target was reached.
Note
Warning new development: Saudis threaten that if punished over Khashoggi they will react. That might push oil prices higher in the short term before any plunge.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.