OIL : Heading Lower
Despite the latest rally in oil, I'm not convince that this sell off is over . Analysts from Citi to BAC are screaming that oil would go as low as $20. I'm not that pessimistic , but I believe prices will go lower.
Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil. I believe oil will reach those level rather quickly .
I'm also keeping an eye on the U.S dollar index, which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see
cheers
Algo
Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil. I believe oil will reach those level rather quickly .
I'm also keeping an eye on the U.S dollar index, which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see
cheers
Algo
Note
I published this chart more than a year ago . Although oil price didn't follow my initial projection( blue line) , oil remains in " buy levels" area. I will monitor and update this chart soon .
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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.