Quick Thought on oil. Still new, happy to hear critiques
Updated
Oils up over 200% on its current run from the bottom. There hasn't been any major retracement yet. Last nights sell off was just the start, look to head back to 25ish to consolidate then continue up. Oil broke out of its wedge this morning for a short squeeze to shake out SL and bulls that switched short. Small rising wedge indicates a continuation of the down tend.
Other indicators are the long weekend, trade tensions and still a lack of demand. Profit taking before a long weekend is expected. Demand is rising albeit slowly. This is why bull trend will continue after retrace. Look long again after the weekend
Other indicators are the long weekend, trade tensions and still a lack of demand. Profit taking before a long weekend is expected. Demand is rising albeit slowly. This is why bull trend will continue after retrace. Look long again after the weekend
Note
If it breaks 33.5 ignore bear indications and go long!
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