Expect ~10-20% decline for oil, confirmed by numerous indicators
Received a book "High Probability Commodity Trading" last week, just on time. It is amazing how current oil market matches multiple criteria of a pivot point. See weekly chart:
1. RSI ("go-to" signal as per the author) is in extreme zone confirmed by
2. Williams %R in extreme zone too also by
3. Slow Stochastic
4. MACD on daily chart
5. What is more important net buy position of large speculators is in almost historical high as per latest COT (Commitments of Traders Report). Previous high ended up with more than 20% move down.
https://www.dailyfx.com/forex/technical/article/cot/2017/11/28/COT-Oil-Positioning-Eases-Swiss-Franc-at-New-Multi-year-Extreme-PRtech.html
1. RSI ("go-to" signal as per the author) is in extreme zone confirmed by
2. Williams %R in extreme zone too also by
3. Slow Stochastic
4. MACD on daily chart
5. What is more important net buy position of large speculators is in almost historical high as per latest COT (Commitments of Traders Report). Previous high ended up with more than 20% move down.
https://www.dailyfx.com/forex/technical/article/cot/2017/11/28/COT-Oil-Positioning-Eases-Swiss-Franc-at-New-Multi-year-Extreme-PRtech.html