Updated

Possible change of course for oil......Cup & Handle????

I cant argue the facts that oil is in a bearish channel, but consider the draws as of late and the upcoming winter and draws in heating oil, it got me thinking is what im seeing what im seeing. I don't know. I think it isn't coincidence that the formation is there as we approach an area of consolidation of sorts imo. Itll be interesting. I can see this thing taking out a lot of stops. I think the tell is what institutional and operators do as we approach the coming week(s).

Note

This is contrary to current sentiment here on TV, but I revisited this chart today and in a different time interval, and I do think there is something here. I am currently holding a position with uco and my entry was 14.51. Looking at other charts has me wondering, but I do think the PT of 50-52 is still intact. Just something to ponder. glta

therancher

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therancher