Algokid
Short

OIL : Heading Lower

NYMEX:CL1!   Light Crude Oil Futures
1143 views
14
1143 12
Despite the latest rally in oil , I'm not convince that this sell off is over . Analysts from Citi to BAC are screaming that oil would go as low as $20. I'm not that pessimistic , but I believe prices will go lower.

Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil . I believe oil will reach those level rather quickly .

I'm also keeping an eye on the U.S dollar index , which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see

cheers

Algo
Comment: I published this chart more than a year ago . Although oil price didn't follow my initial projection( blue line) , oil remains in " buy levels" area. I will monitor and update this chart soon .
very interesting. dollar higher?
Reply
I AGREE WITH YOUR ANALYSIS.
Reply
I would tend to agree with you. I created a short-term analysis for oil; if you could share some thoughts that would be great.
Reply
THANKS FOR YOUR VIEW ON CRUDE,
Reply
I also think that until March 6th we will be in between the 45 - 56 range. After that we will have to do another analysis.
Reply
Forgive me for disagreeing with you. But i think its about time that oil starts to rise again. I think if we go below 43.00 then we should be worried but until then this still looks like the right time to buy.
Reply
Algokid CoreyInvesFB
I think it will go as low as $39 - $ 40 range. before it starts rising again .
Reply
i think 44 is a great support. So if we do go under 43 i would be worried.
Reply
Well I never listen to a bankster my friend. If CITI is screaming lower price - it might be 1 of 2 reasons. Either he's short and afraid of a squeeze or he's already accumulating a long position. So far you can argue for a harmonic abcd heading higher as well but need to prove it selves soon...i agree
+1 Reply
yep
+1 Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Get Help Ideas Published Followers Following Private Messages Chat Sign Out