Oil has finally broken the downtrend line that started back in July-Aug 2014. Price closed above downtrend line on log scale on this weekly chart.
Under normal technical situation price would go higher and return to test the downtrend line to confirm whether it has turned into support from resistance
i will keep my long as for now - Bullish
Remember: trade your own plan, because you know how much you can risk
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goodguy
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Jang, I agree. I did my long term view as a result and will post. Here is my shorter term view. Thanks for all your charts. Goodguy
goodguy
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Will be interesting to see if current uptrend can escape the down trend channel.
jangseohee
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Hi goodguy,
always amazed by your simplicity in charting ^_^
PooyaSalehipour
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nice analysis but maybe :
bsegura
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I vote for this scenerio for WTI
adammska
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I'm seeing a pattern in USO: 2-month consolidation before a new leg lower
USO hasn't been able to break over 10.80 for more than a month now...
adammska
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Russia is testing November highs Oil/Gold is breaking over neckline
adammska
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Inverted hammers everywhere on the weekly charts:
adammska
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Whoa, what a relentless rally! All my energy charts are about to turn bullish.