US OIL

US OIL is making a falling triangle pattern on the weekly timeframe. The new administration in US is skeptical on high prices of oil, it is assumed that the US will want lower prices of oil in order to boost up economic activity amidst cease fire in the middle east region. Having all this is consideration and reviewing the pattern on the chart we can expect the oil prices to fall drastically once it breaks down the triangle. As the analysis is on weekly timeframe, it might take a few months to achieve the levels of 45 to 50. On the other hand if there is such a development that can shoot up the oil prices than this analysis should be considered null and void. As you all may know oil prices is one of the few commodities that is driven by news and events rather than pure charts analysis.