It seem like it’s time for Oil to retrace a bit. Today’s OPEC meeting can bring out news of increasing production of oil or something that would increase supply, which won’t be a very positive for the price.
Also, looking at the Haiken Ashi analysis, it also looks like the Daily candle wants to turn red. We are also sitting next to the 200MA, which wants to become resistance. Let’s see how this day will end.
As always, keep an eye on the price action!
Comments
Gewayne
⋅
do u think it will break through the support line?
DariusAnucauskas
⋅
@Gewayne, I think it should do. It would be really nice to see that. There is an old post that I've done earlier on WTI Monthly, where you can see that this is flagging out nicely. If it will reach the previous $30-25 levels, then we will have a beautiful double bottom formations. But then again, this is all just speculation. I don't really trust this market, because any stupid public comment or action can influence this. =)