The weekly here
The price of Oil is collapsing. Considering that every support, every bullish setup, every bullish candle gets trashed, I would say that is a fair statement. It might be late to enter now, the astute oil traders entered short a long time ago, but prices should continue lower, considering that the first proper support is very far away, as seen on the weekly chart. My only concern is short covering, which happens with lightning speed and great force.
Today we had another break of a bullish candle (a small kangaroo tail) that followed the climactic action on the day of the OPEC meeting. This break should produce further weakness.
The price of Oil is collapsing. Considering that every support, every bullish setup, every bullish candle gets trashed, I would say that is a fair statement. It might be late to enter now, the astute oil traders entered short a long time ago, but prices should continue lower, considering that the first proper support is very far away, as seen on the weekly chart. My only concern is short covering, which happens with lightning speed and great force.
Today we had another break of a bullish candle (a small kangaroo tail) that followed the climactic action on the day of the OPEC meeting. This break should produce further weakness.