Algokid
Short

OIL : Heading Lower

NYMEX:CL1!   Light Crude Oil Futures
1126 12 14
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 .
Cheers, don't trust the mainstream media :)
+1 Reply
ahahaha :)
+1 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
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 PRO 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
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
THANKS FOR YOUR VIEW ON CRUDE,
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.
Crude Oil WTI: 14 Day Trend Reversal (Triple Tops)

Reply
I AGREE WITH YOUR ANALYSIS.
Reply
very interesting. dollar higher?
Reply
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out