Let's be practical.
4 times ONLY since 2008 projection of downside was above $50 of movement as a true possibility.
2008
2014
2018
2020
And now.
Connecting weekly lows many times is underestimated by traders.
Shoring USOIL from the weekly breakout down December 2019 allowed swing traders to enjoy tens of dollars of movement within a week to weeks.
During July 2008, close to $100 down was a catch made by traders in just 8 weeks.
Oil at current levels is overpriced and stretched.
Currently, a weekly close below highlighted square area currently ongoing, would confirm very high probability of similar downside potential as the previous 4 times 2008, 2014, 2018 and 2020.
A rising wedge pattern stretched over a year of movement, which is bearish, appears on chart.
2 horizontal levels of 38, 63 are realistic targets within weeks.
Fundamental support to the simple technical idea shown is Joe Biden suggesting 1 Million barrels a day in supply.
Major oil corporations also hold similar capabilities (Canada, Gulf area).
Do your own research and make a calculated decision if you decide to trade the idea.
Thank you.
4 times ONLY since 2008 projection of downside was above $50 of movement as a true possibility.
2008
2014
2018
2020
And now.
Connecting weekly lows many times is underestimated by traders.
Shoring USOIL from the weekly breakout down December 2019 allowed swing traders to enjoy tens of dollars of movement within a week to weeks.
During July 2008, close to $100 down was a catch made by traders in just 8 weeks.
Oil at current levels is overpriced and stretched.
Currently, a weekly close below highlighted square area currently ongoing, would confirm very high probability of similar downside potential as the previous 4 times 2008, 2014, 2018 and 2020.
A rising wedge pattern stretched over a year of movement, which is bearish, appears on chart.
2 horizontal levels of 38, 63 are realistic targets within weeks.
Fundamental support to the simple technical idea shown is Joe Biden suggesting 1 Million barrels a day in supply.
Major oil corporations also hold similar capabilities (Canada, Gulf area).
Do your own research and make a calculated decision if you decide to trade the idea.
Thank you.