It was the tweet heard around the world on May 4th and it impacted all the markets.
Oil has been no exception. Oil has gone bearish.
30 May gave us an engulfing bar. I was hoping 31 May would provide us with a adjustment bar but it can’t (given the time of this comment, it has already broken the low) - if anything it will give us a locking bar.
The current price projection for WTI is $51.06
Given the distance to travel and that the price is currently out of the channel to the negative, it is to far from its averages. I would expect a stall to occur before prices begin moving again.
I anticipate that we will see $51 in the next 8 days.
Oil has been no exception. Oil has gone bearish.
30 May gave us an engulfing bar. I was hoping 31 May would provide us with a adjustment bar but it can’t (given the time of this comment, it has already broken the low) - if anything it will give us a locking bar.
The current price projection for WTI is $51.06
Given the distance to travel and that the price is currently out of the channel to the negative, it is to far from its averages. I would expect a stall to occur before prices begin moving again.
I anticipate that we will see $51 in the next 8 days.
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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.