MagicPoopCannon

Crude Oil Forms A Bear Flag After A Historic Fall (CL)

NYMEX:CL1!   Light Crude Oil Futures
Looking at the light crude futures market, we can see that oil has formed a bear pennant , after a historic fall of nearly 45%. Price is just above some key support, generated from previous pivot lows. If this bear pennant breaks to the downside, look for price to test the $42 level, followed by $39.19 and $37.75. A break above the bear flag will likely negate it as a flag, and that would put a test of the $50 level in play. Unless we see evidence of a break higher, the bias is to the downside.

Happy New Year Everyone!

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-
Hey Poop! Can you update this? Right now it seems we are gonna smack into resistance. Gold, Oil, and S&P posts have been amazing!
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Thanks
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Now, what is the next? $50 level?
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Thx for the analysis. I've been hearing about Peak Oil for years. My view is that we have seen Peak Oil Price and we will flatline for years, maybe between the $10 and $30 range.
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Thanks professor. Happy new year.
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Thank you Magic
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You are the best... Thanks a lot! I will eraser all my loss
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Thanks for all of your analysis on all of the different markets. Here's to a great 2019 for all.
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