Good tip. So technically this should be what is called rising wedge reversal?! So this certify a downtrend, right? Where is the break point? How do you relate it with the announcement of OPEC and Russia of cutting down production? Only Russia said it will cut off 600.000 barrels a day of oil? Sorry for so much (stupid) questions but I'm learning and I want to understand well everything. Thanks for your chart!
@AdrianNedelcu, Global news can say whatever you want .OPEC-SHMAPEK bla bla bla. It is not physical oil. This are futures . and future's price is constituted by those who trade these futures - banks. There are 3 major traders in the market of oil JPMorgan , Goldman Sachs, Citi, in their turn they are getting money from the Federal Reserve System . And the Federal Reserve System has only two targets - to keep holding dollar as a the world's reserve currency and to make it stronger. That why in the first quarter of 2017 the price will be 35-12.