I'd reccomend to stand aside, or, look to trade the extremes of the range if you are adept at chop trading. In my case, I'm more of a trend trader, but could look to trade PBR on dips to support and exit when valuation is stretched again, after an overbought rally...Or stocks like OXY, or refineries, like MPC, PBF, etc.
If you expect oil to make a big move, you will get disappointed and probably buy into fake breakouts multiple times, to then get tempted to sell or flip short on fake break downs...The green vertical line on chart is the estimated time required to start a big monthly trend again. Until then, expect a volatile sideways range.
Cheers,
Ivan Labrie.
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Moving as expected: s3.amazonaws.com/tradingview/snapshots/i/I7UfhXe0.png 13 month rally, 13 month correction New mode should form around here over time, to eventually trigger a new Time@mode trend signal and reach really lofty targets.
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Bot a long position, the swing down might have ended here, should rally back to the top of the range before falling again.