I believe that oil have bottomed in the short term time-frame as evidenced from the triple lower lows made since January 2015. $45, $42 and $37. RSI divergence is seen for every lows made, with higher highs.
WTI should start moving up from here, back to as high as $62 and beyond. $70 is well within the reach in this corrective wave, a 50% retracement from $107 highs in 2014.
As a bonus, we can discount Iran from having their sanctions lifted since they're still so keen to work against the U.S.
However looking at the larger time-frame, it is almost certain that some time in the future it will get as low as $16~32 with the trend since 1998 broken. Oil have been largely overpriced for the past few years, it will get way more underpriced first before any equilibrium is seen.
WTI should start moving up from here, back to as high as $62 and beyond. $70 is well within the reach in this corrective wave, a 50% retracement from $107 highs in 2014.
As a bonus, we can discount Iran from having their sanctions lifted since they're still so keen to work against the U.S.
However looking at the larger time-frame, it is almost certain that some time in the future it will get as low as $16~32 with the trend since 1998 broken. Oil have been largely overpriced for the past few years, it will get way more underpriced first before any equilibrium is seen.
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Disclaimer
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.