Technician
Short

WTI Crude Oil & Copper Making Sense of Correlations

FX:USOIL   CFDs on Crude Oil (WTI)
2105 24 5
Interesting correlation between copper             and WTI Crude oil             illustrated on chart, as copper             has been a good leading indicator or crude in most of cases(at least within the past few years).

A nice setup was seen August-September, when crude was breaking higher due to geopolitical risk(tension of war on Syria) while Copper             was trading sideways and under pressure, that warned that any ease in tensions would signal a major drop in crude prices. At that point i suggested shorting crude in this setup

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Monthly oil chart is the mother of all coiling patterns..big move coming
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I think price will move up to 3.43 before possible downward leg again. See my analysis at
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Technician AshleyWeyers
There is also a major long term resistance at 3.42



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Technician Technician
I wouldn't bet on any longs unless this level is broken
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AshleyWeyers Technician
Agreed. risk reward is not worth it.
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AshleyWeyers Technician
Yep, think we are seeing the same zone. Price has also broken the neckline of an inverted head and shoulders pattern, so bullish short term until it cant get through resistance. Also looks like a bearish channel forming?
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Technician AshleyWeyers
Yeah IHS, but for me this pattern is not ideal, it lacks the appropriate proportion, left shoulder took far less time to form compared to the right shoulder
what channel, cant see it ?
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AshleyWeyers Technician
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AshleyWeyers Technician
How do you paste image into comment?
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