OIL At Critical Point - Gann Fan Analysis
Updated
Here is my take on OIL at the moment.
OIL is at a critical point, where it might either break out and reach $58.60 - $58.80 before falling back to $53.30 or lower.
As it is in a diamond formation, I expect a break down to $55 area first. But as I was analyzing past patterns, when it has broken resistance at and subsequently bounced from $56.50 it tends to touch $58.50 area before falling. I see both as possible routes, but either way my end analysis is short.
OIL is at a critical point, where it might either break out and reach $58.60 - $58.80 before falling back to $53.30 or lower.
As it is in a diamond formation, I expect a break down to $55 area first. But as I was analyzing past patterns, when it has broken resistance at and subsequently bounced from $56.50 it tends to touch $58.50 area before falling. I see both as possible routes, but either way my end analysis is short.
Note
Gann Fan from June 12 shows similar levels and results
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