Crude oil futures started in a consolidation mode from 1986 - 2004 before finally broke the resistance at 38
Using a % increase of 280% (10 to 38.7 a barrel) and projection above the break out of 38.7, it was notice that the by the time price reached the channel top of around 143, the ratio of projection is almost approximately 1:1.
Subsequently, price fell in a straight line during the 2008 crisis to the bottom of channel.
If the overall green uptrend channel is reliable, i anticipate crude oil price to find support and consolidate around 67-68 real soon. Failing to support would see the price goes to 60 a barrel.
Using a % increase of 280% (10 to 38.7 a barrel) and projection above the break out of 38.7, it was notice that the by the time price reached the channel top of around 143, the ratio of projection is almost approximately 1:1.
Subsequently, price fell in a straight line during the 2008 crisis to the bottom of channel.
If the overall green uptrend channel is reliable, i anticipate crude oil price to find support and consolidate around 67-68 real soon. Failing to support would see the price goes to 60 a barrel.
