What's going on with oil?
My previous analysis of oil turned out to be wrong. I was bearish at around $49 dollars and I think technically I was right but fundamentals got in the way and caused the price to jump and top at $52 a barrel.
I believe it's very likely for the price to drop from here. A close above $52.25 is needed to dampen my bearish call. The BEARS can bring the price down for a retest of $43.65 and possibly even lower.
Oil Futures Daily Chart
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I thing oil will go down.
Look at oil now. It's down more than 1 dollar after my post! LOL
We see falling highs. It is downtrend.
https://invst.ly/3-rqo
The latest OPEC meeting seems to be having some impact on the oil price. I think we will see it go down a bit more before the weekend.
It's already down more than a dollar after I posted my analysis of it lol
Yeah, I noticed after I clicked the post button :p