Seeing a pattern I've seen many times before.. I've dubbed it the "Fake wolf short squeeze" setup.. Essentially it's when a wolf candle prints when still in an overall uptrend and price is not yet overextended to the upside.. Wolf candlesticks after a major upswing can be quite reliable for predicting price corrections, but in the context of a strong uptrend still, they tend to be fakeouts and are usually reliable indicators of continued upside momentum. Normally with fake-wolf candles price will end up exceeding the high point of the wolf candle. With this in mind, we could be seeing new ATH for oil prices in the months to follow. The daily chart also supports this with uptrending 50 & 200 SMAs with price currently bouncing off the 50. I certainly hope this does NOT pan out, but certain chart patterns over time have proven to be reliable, so I must outline the possibilities/probabilities when I see them.
Opinion only, not financial advice.
Opinion only, not financial advice.