OIL: New low eventually ahead? Seems likely to me.
A couple of days ago I suggested that the recent upswing in oil may be short lived and I closed my long position. We did get a correction today. Looking at the weekly longer term log chart I believe most like we will see a lower low ahead. This is based on the two channels I have drawn and the ares of longer term support. My opinion would change if the steeper black down channel is broken. Take care. Have a good week trading.
Related publications
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.