The surprised rose in oil inventory have triple analysts forecast and lead to price correction around 3% on yesterday.
On the left chart oil continue to move in a upward channel, each correction from upper channel were 12% and 14% respectively.
The current price level in 50% of the channel, if price continue to move in the channel structure, oil price may continue to trade lower.
On the right chart showing the current price swing projection, price is heading 68 in the short term.
On the left chart oil continue to move in a upward channel, each correction from upper channel were 12% and 14% respectively.
The current price level in 50% of the channel, if price continue to move in the channel structure, oil price may continue to trade lower.
On the right chart showing the current price swing projection, price is heading 68 in the short term.
Trade closed: target reached
Oil have decreased 14.5% from the high,the selling were moving as the same pace as the previous 2 selling (12% and 14% decreased respectively)Trader please play forward the chart to view current price movement. As price near to lower channel, seller please be cautious as reversal could be near.
Note
Market have breakdown significantly from 6 month upward channel, please refer to below link for current swing projection.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.