NYMEX:CL1!   Light Crude Oil Futures
On the daily chart we can see a shooting star , which can be a precursor to change in the trend. In my opinion, it is a signal for correction of recent increases. In addition, large purchase enhances the credibility of the candle. Purpose correction estimate around $ 54 level.
Shooting star..yes!... Retrace coming
+2 Reply
Thanks for the chart. Don't you expect to see a $65+ before the retracement?
+2 Reply
RobertPapon patrickestarian
I think that it will be just a correction in an uptrend. Bulls win in the longer term. I will keep checking the data on the extraction and inventories.
+1 Reply
Correction still in effect, looks like a pullback happening right now and into this week. I think you're right, small correction, and we resume bullish run to near 70.
+1 Reply
RobertPapon QuantitativeExhaustion
oil production and inventories are still high that is conducive to adjustment, growth will begin when the first signs of falling inventories
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