look4edge

WTI - SIDEWAYS SCENARIO

NYMEX:CL1!   Light Crude Oil Futures
According to this chart, WTI bounced from longterm trendline. Break of it, along with AP line, would be huge event - could happen as well, of course. But unless broken, odds are supporting sideways outlook when it could take quite a long time to get to 65/70 area at median AP line (longer one) - slow CCI is much deeper than in 2007 (like in 1986), and price action is not so volatile, therefore brief pickup is not very likely this time.
If 40 support level goes, then there is room to 25 at descending AP line.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.