Most commodities seem to be preparing for a bull-rally but oil has been on a run of its own since February, rising 18% (from $58 a barrel to just about $70). However, the $70 price level seems to indicate potential weakness in buy-side pressure and may lead to the start of what might be a serious bear play.
Its quite tough to call a top, so here is a picture of what I think the possible scenarios are:
Its quite tough to call a top, so here is a picture of what I think the possible scenarios are:
Note
A bit more upside, but I think we are rising on very thin ice.Note
If this current momentum holds, the top may be confirmed.Note
OopsNote
Consolidation time
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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.