LewisGlasgow

Crude Oil - Market Direction

TVC:USOIL   Crude Oil (WTI)
Very similar to my analysis last month which was also on the daily chart , USOIL             has tanked this week since hitting a level of resistance at 51.50... I'll be looking for opportunities on the lower timeframes very shortly to confirm a move higher or lower.

Let's see how the market shapes up over the next week, check out my previous analysis on USOIL             in the related ideas section.
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The blatant rejection at $51.63 suggests to me we are gonna go deeper. I am predicting ~$40 will be tested within the next 14 days.
+1 Reply
veryevilone PRO veryevilone
snapshot
+1 Reply
veryevilone PRO veryevilone
Maybe not $40 will be tested, but $43 at least. :) Have a nice day.
+1 Reply
LewisGlasgow TOP veryevilone
We'll soon find out :) you too, thanks for commenting.
+1 Reply
NihalCassim veryevilone
I agree, rising channel seems weak. Its in a flat range.
Reply
LewisGlasgow TOP veryevilone
Exactly my thoughts, I've been watching this structure for a long time.
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