#202452 - priceactiontds - year end special - wti crude oil
Good Evening and I hope you are well.
comment: Probably the most boring outlook to write. Oil has been in a triangle since 2023-09 and we will see a bigger breakout in 2025. To which side? Absolutely no idea. Oil has been stuck inside a 10% range for the past 10 weeks and it’s almost not possible that the range contracts further. We have nested triangles and the biggest of those can play out a couple of more weeks. It’s always possible that the pattern fails and market could just continue sideways for longer. Since I don’t have a crystal ball, I do not have an opinion on where this could break out. Market is in total balance around 69. I will continue to take this market level by level and play the given range. Since neither side has any arguments for their case, I won’t write a bull/bear case for this. If you don’t like trading ranges, just don’t trade this.
current market cycle: trading range (nested triangles on multiple time frames)
key levels for 2025: 65 - 75
short term: I won’t make up stuff. Market is as neutral as it gets. Clear support 66/67 and clear resistance 70.5 / 72.3
medium-long term: Nope to the nopedy nope. Go follow some macro schmackro dude who tells the world Oil will go to 100$ again because of *insert hypothetical macro event*.
current swing trade: None
comment: Probably the most boring outlook to write. Oil has been in a triangle since 2023-09 and we will see a bigger breakout in 2025. To which side? Absolutely no idea. Oil has been stuck inside a 10% range for the past 10 weeks and it’s almost not possible that the range contracts further. We have nested triangles and the biggest of those can play out a couple of more weeks. It’s always possible that the pattern fails and market could just continue sideways for longer. Since I don’t have a crystal ball, I do not have an opinion on where this could break out. Market is in total balance around 69. I will continue to take this market level by level and play the given range. Since neither side has any arguments for their case, I won’t write a bull/bear case for this. If you don’t like trading ranges, just don’t trade this.
current market cycle: trading range (nested triangles on multiple time frames)
key levels for 2025: 65 - 75
short term: I won’t make up stuff. Market is as neutral as it gets. Clear support 66/67 and clear resistance 70.5 / 72.3
medium-long term: Nope to the nopedy nope. Go follow some macro schmackro dude who tells the world Oil will go to 100$ again because of *insert hypothetical macro event*.
current swing trade: None
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