Friday was the day that decided if Crude Oil either breaks out from its descending trending line or keeps going down. It did break out but then crashed right back down inside the bear flag, extremely bearish these next weeks will see a lot of pain for commodities. If core inflation goes up in September and brings recession fears then Oil can fall faster and harder to $75-60 by October.
Comment:
Oil corrected hard following my chart. It did however find support at $88.. It looks like its trying to get back to $90 for an even stronger support if it fails to get back up to $90 expect $84 Oil price by Friday.
Trade active:
Aug 16 target reached!! High $85 mark was reached, but if you look at its last 2 trading days recently(18/19) its making the same moves it did like last weeks trading days from Aug 11 & 12 before that bull trap happened. SO last week was a HL that made a newer LL so expect this HL from August 18th and 19th to create a NEWER LL. Now I am expecting a $80-$85 Oil price target this coming week. Be ready to pull profits this coming week if it dips again.