WTI, Crucial Flag Completed, Continuations Ahead!
Hello there!
Let´s jump right into the WTI CRUDE OIL chart on the 12-hour timeframe perspective. Since the escalation events within the economical landscape of last year in the oil market causing a massive demand shock above the 115 area as over decades established distributions lines of the oil were disrupted the market reacted with a initial pullback and a calming down to pre-shock levels. The current events cause the oil market price to decline further as the main restructuring of oil distribution lines goes further with subventions being made to tackle oil shortages giving a fundamental indication for the prices to at least drop to average levels of the past 10 years. While the fighting against conventional energy sources goes on this is also a primary point to consider the drop in demand, more and more effort is being made to make alternative energies and renewable energies popular.
From a technical perspective the chart is showing highly important developments to consider the oil price of the near future to move further to the downside as this huge bear flag has been completed with a breakout below the lower boundary pulling back from the 50-MA being a major resistance level at this point. Now the final target zone marked in my chart is activated, if the price stabilizes in this area once reached it can cause a reversal otherwise when breaking down with high bearish volume this will lead to a continuation in the bearish continuation area. Especially when the bearish momentum accelerates and further restrictions pushing the demand of oil downward this will lead to further continuation indications of the established trend and especially when moving into the continuation zone a steep drop could cause major disruptions.
Thank you everybody for watching. If you liked my idea feel free to support and let us move forward together.
VP
Let´s jump right into the WTI CRUDE OIL chart on the 12-hour timeframe perspective. Since the escalation events within the economical landscape of last year in the oil market causing a massive demand shock above the 115 area as over decades established distributions lines of the oil were disrupted the market reacted with a initial pullback and a calming down to pre-shock levels. The current events cause the oil market price to decline further as the main restructuring of oil distribution lines goes further with subventions being made to tackle oil shortages giving a fundamental indication for the prices to at least drop to average levels of the past 10 years. While the fighting against conventional energy sources goes on this is also a primary point to consider the drop in demand, more and more effort is being made to make alternative energies and renewable energies popular.
From a technical perspective the chart is showing highly important developments to consider the oil price of the near future to move further to the downside as this huge bear flag has been completed with a breakout below the lower boundary pulling back from the 50-MA being a major resistance level at this point. Now the final target zone marked in my chart is activated, if the price stabilizes in this area once reached it can cause a reversal otherwise when breaking down with high bearish volume this will lead to a continuation in the bearish continuation area. Especially when the bearish momentum accelerates and further restrictions pushing the demand of oil downward this will lead to further continuation indications of the established trend and especially when moving into the continuation zone a steep drop could cause major disruptions.
Thank you everybody for watching. If you liked my idea feel free to support and let us move forward together.
VP
Comment:
MACRO UPDATE: Increasing high supply and low demand dynamics point to a bearish sentiment.
Market could reevaluate a incomin supply rally.
Market could reevaluate a incomin supply rally.
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WTI CRUDE OIL is reassessing the direction.