We should expect to see oil drop
. We are approaching almost oversold conditions ( RSI
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.