As mentioned before, WTI Crude looks parabolic and it may continue up that path. If it continues, the parabolic path and using Fibanacci shows it should get to 62.03 which it has been reached as an intraday high but not as a daily closing price(really close). The next leg up is 74.39 which could be caused by geopolitical events(perhaps), supply...
Looks like the double top has formed and neckline is broken. Possible that it will retest neckline and go down. We will see
Comparing to the drop in Nov 2017, it looks like a drop is due pretty soon. The slope(rise over run) of the Nov 2017 parabolic rise then drop was around 191 and the situation we are in now is at 206. This means a correction is overdue soon. If it corrects from here, Fib shows with the historical chart confirming a typical two drop sequence. This means if there is...
Comparing oil from 2015 rise to this, the graph looks parabolic now. Whereas before it was just a channel going up. Tomorrow may be a bull trap forming, get a put if you still wish to buy at these levels or usually it means it will go sideways to compensate.
Please remember there is the report due out on Thursday at 11:00am and 1:00pm Eastern Time at www.eia.gov I predict there will be enough supply to slow down or stop the bulls because CNBC(if you agree with their people commenting on their show) that the US has been releasing more supply to meet the demand recently. If this is true, then the oil price will fall...
I am planning it will drop like this for a possible quick put position from here to 57 dollars. I use HOU in Canada for double performance as well.
It looks like WTI Oil may take a break tomorrow from the looks of things