Crudeoil analysis

Hopefully an upward move is coming.

WTI testing once again the 44.00 level. If it breaches that level to the downside it may try to go and visit the 40.00 level.

This might be a good time to go long with a tight stop.

Very hard to trade oil in longer term trades, because it is really in a range. no clear direction yet. maybe short term trades are more sensible.

It broke support. I'm waiting now.

Crazy day today, more than $2 up and down and then up again.

But still, Oil remains weak and the WTI may reach the 40 level this week.

Oil has found a good support at the 41.24 level and it has formed what it appears to be a descending triangle or pennant on the daily chart. To the upside, the 44.00 could act as resistance, but if oil breaks to the downside, the 40.00 level could act as support.

In range, hold your horses for now.

I might be wrong. But oil looks like looking to make new lows. Looks like consolidation for break down. Inventory news is excellent time either to hit stops or to break some level.

I had a dream last night that oil went under $30 lol.

arigoldman posted:
I had a dream last night that oil went under $30 lol.

It can happen in few months...

WTI has broken below the 40.00 level and it has dropped to the 37.73 level, which could act as support.