OIL: Contracting Pennant Suggests Bullish Continuation
If people are mad at Biden now wait till oil...hahaha. We see the contracting pennant again, this is on the two hour time frame.
Once again we expect some price action battle and fake-outs to fake out the bulls and bears. Nevertheless we expect
the bulls to take control and take this to 130. If this is the case it would be hard for me to believe the Nasdaq (or the general markets)
would move in to a bear market.
Once again we expect some price action battle and fake-outs to fake out the bulls and bears. Nevertheless we expect
the bulls to take control and take this to 130. If this is the case it would be hard for me to believe the Nasdaq (or the general markets)
would move in to a bear market.
Comment:
If the price action takes this above the middle of the pennant pattern (blue dotted line) it supports the idea that the bulls will take higher.
Comment:
Like I mentioned, fake outs and fake outs till we got the momentum above the middle line. Pretty good right? Yeah you know it. Hahaha.
Comment:
The scenario for the overall markets with commodities included will be in my opinion DEFLATION, it just so looks like for oil gold etc it inflation will last a little while longer that is all. Therefore the markets are falling while gold oil are rising for 2-3 months outlook.