The idea remains valid so far. Important rejection from the top
Hi Folks:
Today was another wild session on USOIL with a heavy range, a gap up and a total rejection from the top on the daily candle.
If you compare this movement from previous drops, specially when we went negative, you will see identical similarities.
Based on that we could expect further correction until OPEC+ meeting at least.
Rigs are increasing and SPR will flood the market with lower seasonal demand so target remains unchanged at the moment while we deal with this Omicron variant.
Cheers
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Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.
Today was another wild session on USOIL with a heavy range, a gap up and a total rejection from the top on the daily candle.
If you compare this movement from previous drops, specially when we went negative, you will see identical similarities.
Based on that we could expect further correction until OPEC+ meeting at least.
Rigs are increasing and SPR will flood the market with lower seasonal demand so target remains unchanged at the moment while we deal with this Omicron variant.
Cheers
-------------------------------------------------
Remember, if you liked this idea don't forget to click LIKE and FOLLOW. That will encourage me to continue charting for you.