Much Like Gold, Oil Charts are looking 50:50 technically, and the election has a lot to do with this.
If Oil Corrects upward, expect 47 top. There are plenty of bottoms on multiple scales saying a correction makes sense technically. However, If it keeps dropping for political reasons or OPEC announcements, expect high 30's. Regardless, Oil will be Bearish on longer trends.
Comments
tankbell
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a month to go to the top and 2 weeks to retrace.. To be looking for a V bottom at this juncture where there is little positive reasons other then being oversold is a tad bullish. Some more bottoming especially if HRC loses. We might see a rally Wednesday of relief if she wins. next 2 days Opig noise will be the only force to "test" the markets. SO many Skeptics of their ability to achieve such oligopoly practices.