Happy Black Friday oil traders! I hope everyone had a wonderful Thanksgiving! I deleted all of my other channel lines to take a fresh look at what oil has been doing and what to possibly expect for December. I am assuming the US Stock Market is going to boom today because of Black Friday, but I am not sure oil will follow. President Trump is now pushing China on Hong Kong, which they do not like so that may play a factor in oil prices in the short term.
But if we look back on the daily to the lowest close in the last 6 months at $51.06 on June 12th, and then at the highest close of $60.93 on July 11th (a difference of $9.87), discounting the False Positive of the Saudi oil field attack on September 16th, we see a slow narrowing channel. Oil now seems to be hitting resistance in the $58.30 area and it has been a while since we have seen a major correction. That being said, I am expecting December to be a slow month for oil and by the end of the month return to the $53.00 area before going back up.
If this interests you or you agree, please click the like button! Thanks and have a wonderful weekend!
But if we look back on the daily to the lowest close in the last 6 months at $51.06 on June 12th, and then at the highest close of $60.93 on July 11th (a difference of $9.87), discounting the False Positive of the Saudi oil field attack on September 16th, we see a slow narrowing channel. Oil now seems to be hitting resistance in the $58.30 area and it has been a while since we have seen a major correction. That being said, I am expecting December to be a slow month for oil and by the end of the month return to the $53.00 area before going back up.
If this interests you or you agree, please click the like button! Thanks and have a wonderful weekend!