Price has failed to make a new high and heading down.
Technically price has made a structure of raising wedge where all dips to lower trendline / support line have been bought.
I think this time there is high probability we going to have a breakdown of trendline and price will fall further to low forties and maybe lower.
Fundamentals also back up idea as we still have surplus in output across the globe and constant rising rig count in USA.
last agreement beetwen OPEC members was not sufficient to increase price in longer run and i think issue with oversupply was not dealt with properly.
Watch price action when reached lower trendline as we might have excelent oppportunity for trade.
Technically price has made a structure of raising wedge where all dips to lower trendline / support line have been bought.
I think this time there is high probability we going to have a breakdown of trendline and price will fall further to low forties and maybe lower.
Fundamentals also back up idea as we still have surplus in output across the globe and constant rising rig count in USA.
last agreement beetwen OPEC members was not sufficient to increase price in longer run and i think issue with oversupply was not dealt with properly.
Watch price action when reached lower trendline as we might have excelent oppportunity for trade.
Comment:
Comment:
Possible breakout.
Comment:
Trade closed: target reached
Comment:
I have closed all short positions.
