Oil seems poised to rip to higher prices after yet another Trump tweet knocked it down 300 ticks or so from the 66 handle down to the 63 handle. Historically, the markets take his tweets seriously in the short term, but nothing has changed in the way of the fundamentals for CL. There is still turmoil in the middle east, Venezuela, and with Iran. Libya and Nigeria in particular have been on the map as of late.
Technically, we appear to have completed a nearly perfect Elliott Wave corrective phase. If this is the case, we can expect a breakout from current levels, if not, we will know very soon. We are wrong if it breaks down from $61.71.
The Kovach Momentum Indicators note decline in momentum. This has leveled off suggesting a breakout is near. The Kovach Reversals Indicator posits that we are in the middle of a range confirming that a breakout should be near.
Technically, we appear to have completed a nearly perfect Elliott Wave corrective phase. If this is the case, we can expect a breakout from current levels, if not, we will know very soon. We are wrong if it breaks down from $61.71.
The Kovach Momentum Indicators note decline in momentum. This has leveled off suggesting a breakout is near. The Kovach Reversals Indicator posits that we are in the middle of a range confirming that a breakout should be near.
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