Johnkiew
Short

Oil - Moving in a Channel

NYMEX:CL1!   Light Crude Oil Futures
The surprised rose in oil inventory have triple analysts forecast and lead to price correction around 3% on yesterday.

On the left chart oil continue to move in a upward channel, each correction from upper channel were 12% and 14% respectively.
The current price level in 50% of the channel, if price continue to move in the channel structure, oil price may continue to trade lower.

On the right chart showing the current price swing projection, price is heading 68 in the short term.
Trade closed: target reached: Oil have decreased 14.5% from the high,the selling were moving as the same pace as the previous 2 selling (12% and 14% decreased respectively)

Trader please play forward the chart to view current price movement. As price near to lower channel, seller please be cautious as reversal could be near.
Comment: Market have breakdown significantly from 6 month upward channel, please refer to below link for current swing projection.

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