JohnBaron

A conceptual view of WTI trading over the next week

FX_IDC:USDWTI   WTI CRUDE OIL / US DOLLAR
145 1 4
WTI has moved into a bear market. Following support levels and patterns from last year, I anticipate another 4-5% decline in USDWTI             until next August 16th. The contract rollover will serve to stimulate some buying. After two weeks of bearish 'EIA' reports, I anticipate 'EIA' next week will be bullish relative to market expectations and that will stimulate a further increase, coupled with short squeeze should result in a double digit spike in price.

That's the theory anyway.
Comment: check out the new idea
According to your chart here, we can expect a correction, for it crossed over the angled support level. Thoughts?
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