Why Crude Oil is Likely Heading For a Major Decline
Chart is self-explanatory:
Multiple Technical factors suggest the "MOST LIKELY" scenario is a down move for oil 0.73% in the coming weeks to months:
- A retest of major long term trend line ( from 2008 all time high)
- A retest of major long term price barrier at $75/barre
- Divergence between Copper 1.34% and Oil 0.73% for more than 10 months.
- Swing failure technical setup on Relative strength index indicator.
Note: nearly 80% of the head and shoulders bottom ideal target was reached.
Multiple Technical factors suggest the "MOST LIKELY" scenario is a down move for oil 0.73% in the coming weeks to months:
- A retest of major long term trend line ( from 2008 all time high)
- A retest of major long term price barrier at $75/barre
- Divergence between Copper 1.34% and Oil 0.73% for more than 10 months.
- Swing failure technical setup on Relative strength index indicator.
Note: nearly 80% of the head and shoulders bottom ideal target was reached.
Comment:
Warning new development: Saudis threaten that if punished over Khashoggi they will react. That might push oil prices higher in the short term before any plunge.