Per request from someone. I am overall neutral here, but see bullish potential either February (price breakout of wedge) or October (pattern close to complete).
Trade Entry Stop $69.70 – which is 10WeekMA. Exit - $74 or see how price reacts getting towards resistance of wedge.
Chart Details Bullish flat bottom wedge pattern. Gaps to fill up to $84. Watch RSI breaking trend (below 50). Price is above 10WeekMA and has Bullish EMA Cross, but looks fragile. I see the price going up short term to retest the resistance. Then going back into wedge, possibly retesting the $67 low. My opinion - This could be due to Iran conflict. Initial response will be spike in price. USA can produce for cheaper than importing, so once Permian basin cranks up production publicly price will drop again with cheaper US oil. It may take a month for the US to restart heavier production once oil prices go up. If I were a US oil producer, I would wait for price to go up from conflict BEFORE increasing production. More money.
About Me Thank you for liking, commenting, throwing up a chart, following, or viewing. I am not a financial advisor. My comments and reviews are based on what I do with my personal accounts. Website will be ready for launch mid-January 2020. Thank you for your patience while I try to juggle everything and maintain the same standards. Disclosure - I am long BTCUSD, GBTC. Short term GDX Bullish, SPXS Bullish, CRWD Bullish short term.