oil to resume short term downtrend but still undecided
oil has hit a wall since its last run up. its currently at an undecided zone due to the global security and economic issues.
technically speaking, it has been on a Elliot wave downtrend, and its on a retracement before resuming its downtrend. A whole host of bad economic news and uncertainties is applying downward pressure on the price of crude, and this downward pressure is stronger than the uncertain security related issues which impact supply.
Another major indicator for the global economy, the demand for copper, has suddenly seen headwinds.
Therefore, in most likelyhood, oil will resume its downward journey after completing the current upward respite. Key levels to watch are 112 dollars a barrel. watch the price action along the trendline.
Other indicators which can help determine when the price is about to turn are the 3,14, and 21 RSI along with the Stochastics Indicators.
If you want to know more about a potential turn, do not hesitate to reach out.
I will short oil from dollars a barrel, with my SL at 118 and TP at 101.
technically speaking, it has been on a Elliot wave downtrend, and its on a retracement before resuming its downtrend. A whole host of bad economic news and uncertainties is applying downward pressure on the price of crude, and this downward pressure is stronger than the uncertain security related issues which impact supply.
Another major indicator for the global economy, the demand for copper, has suddenly seen headwinds.
Therefore, in most likelyhood, oil will resume its downward journey after completing the current upward respite. Key levels to watch are 112 dollars a barrel. watch the price action along the trendline.
Other indicators which can help determine when the price is about to turn are the 3,14, and 21 RSI along with the Stochastics Indicators.
If you want to know more about a potential turn, do not hesitate to reach out.
I will short oil from dollars a barrel, with my SL at 118 and TP at 101.
