Algokid

OIL : Heading Lower

Short
NYMEX:CL1!   Light Crude Oil Futures
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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 .

Comments

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
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charlie.delta.trader CoinedByCrypto
yep
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Cheers, don't trust the mainstream media :)
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ahahaha :)
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very interesting. dollar higher?
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I AGREE WITH YOUR ANALYSIS.
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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.
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THANKS FOR YOUR VIEW ON CRUDE,
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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.
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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.
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