It looks like both the markets and OIL will come down over the next day or two before a final rally up (SPX to 4250 area) and then a bigger move down for both into the fall.
For Oil, this means 90 should get broken and then I would expect a kickback rally up to test 92-94 again. At that point, oil should be a solid short opportunity.
That 92-94 area, being remarkable support for the last few weeks should be equally stiff resistance.
Target for oil - low 70's sometime in the fall.
For Oil, this means 90 should get broken and then I would expect a kickback rally up to test 92-94 again. At that point, oil should be a solid short opportunity.
That 92-94 area, being remarkable support for the last few weeks should be equally stiff resistance.
Target for oil - low 70's sometime in the fall.
Note
another chart to watch is xle- possible back to the channel around 50 dollars. Note
hitting 90, like I said a bounce back to 92-94 is likely this week 
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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.