djflowmaster
Short

Oil Macro Look - Bearish still possibly

NYMEX:CL1!   Light Crude Oil Futures
Oil             looks bearish here on a macro timeframe. It broke down through the upward macro sloping trendline around Aug. and then thru the 50 dma in Sept. and has been in a downtrend ever since then. The fast decline and bear mkt. caught many by surprise. Oil             is currently showing a macro bear flag pttn. w/ tgts. being in a range of 27-16 lvls. depending on where you draw the top of the flag. It looks like Oil             is currently consolidating and will prolly do so for a few months before continuing lower. As always........watch volume for confirmation.
Pattern turned not valid once it went past stop area. Bullish is the case for oil now.
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Agree with aeryanet. Just look at the correction movement it did back in 2009. 16 is pushing too much.
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aren't you a bit worried over a possible price correction. This bearish trend looks exhausted, at least for the time being. Here is my L setup
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I think it will prolly just consolidate and could go higher to around 52 or 55 but think it will overall the trend is down and it will consolidate for a 2-3 months and then continue back on the downtrend to hit $20 something oil price. The trends just stack up in favor right now..........Euro, USD & Oil all consolidating right now before prolly continuing their trends from before. We also have a market that is and will just get more volatile in the next year. I do like ur chart for short-term price correction only that I think it goes to around 55 or so for the top.
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mohamedrussel djflowmaster
yes but you need to know that the price now is on 100 sma daily and cant broken on 10-4-2015 what do you think
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nice macro analysis !!!
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