USOIL has touched 60 once. This week is so important for it. Because if oil cant make a new high above 60, it will go sideways and buyers' number will or confidence will drop at the same time, meaning a correction starts from 60 could happen after .
This is not a trading signal asking to short usoil. Just telling a possibility to hunt pips.
Pip hunting can be done by buying the dips within this channel. The repetitive pattern is more than obvious:
mstable
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Its starting to look like that unexpected black swan event is right before our eyes - the crude oil traders and hedge fund speculators are going to end up crashing the entire market.
They have inadvertently ended up betting against what they saw as the obvious trend of prices rising to over $75 a barrel on the back of Saudi tightening, a trade resolution, the economy picking up through Fed monetary easing again and stocks surging through more free money. Since the start of the year they have been pushing the market higher and higher, and created a more and more ridiculous noise through their paid analysts about Saudi, Iran, Venezuela, etc, as they have become more and more concerned that matters were not as they had bet.
For three months oil has artificially levitated the markets through artificial trading among such players - no doubt at huge expense, to such extent now that the traders and hedge funds can no longer afford to lose. The vast quantities of gold futures and treasuries liquidated to support this has now pushed up the oil market and levitated other markets that ought to have been correcting. Eventually this will cause a crash much larger than there ought to have been had markets not been manipulated to such extremes.
FoxCharts
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Sorry for spam Vera, but I would like to know your opinion, could this bearish divergence affect moving that much ?