ZakaryP
Short

US Oil Retracement (61.01/bbl sept 2019)

NYMEX:CLM2019   LIGHT CRUDE OIL FUTURES (JUN 2019)
We should expect to see oil drop . We are approaching almost oversold conditions ( RSI ), Stochastic is showing the cycle is coming to an end. It's a safe bet we will retrace to the nearest Fib level, which is currently at 61.01/bbl. Time frame: end of September of 2019 into the winter months. This trade is aligning off my prior trade I posted in February for July with 67/bbl price target. Oil companies have to make money this summer, so we should expect to see the price stay relatively the same, and then start cracking to the fib level.
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