OIL Cover
Updated
Oil looks to be still in the contracting pennant. And likely this will try to move to the upper range
of the pennant. The green lines I am leaving in which were drawn in the past upon the initial green
line. I leave them so I can see for myself what my "speculative" analysis is. By speculative I mean
there is no technical evidence to support this hypothesis and it is purely speculative. Any projection
in to the future is technically speculative BUT if the hypothesis is supported by strong TA (technical analysis)
I consider this to be a hypothesis supported by evidence as opposed to no evidence hypothesis.
of the pennant. The green lines I am leaving in which were drawn in the past upon the initial green
line. I leave them so I can see for myself what my "speculative" analysis is. By speculative I mean
there is no technical evidence to support this hypothesis and it is purely speculative. Any projection
in to the future is technically speculative BUT if the hypothesis is supported by strong TA (technical analysis)
I consider this to be a hypothesis supported by evidence as opposed to no evidence hypothesis.
Note
Remaining vigilant to see if oil can move past the upper pennant line and breaout.Note
The breakout of the pennant I mentioned. Probably will retest with all the whipsawing about I would't doubt it. If it can stay above the middle of the pennant area then this will likely challenge higher highs.
RANT: One like for correct analysis. I just checked out some analyst chart who had like 250 likes and thousands of followers as his chart claimed -60% fall is coming. I am beginning to realize there is a "lines-on-a-page" syndrome that many popular chartists have. It's strange because I would NOT follow someone who had such INCORRECT analysis. I on the other hand I am consistently correct
(and profitable) with few mistakes but few likes or traction. Not only do I post correct analysis but correct timing--yet...whatever. Good luck all you traders who follow these "lines-on-a-pagers". I should really start charging for this, HAHA
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