Is OIL really heading $60~70 in long term? Perhaps NO.
1. Megaphone pattern is apparent on current oil movement. We DO NOT want to take immediate short play as oil has been moving within such range, and most likely test upper area of the megaphone once again.
2. Daily Candle closed super strong. Just because chart says this area "could be" a resistance, we are not seeing slow down in momentum just yet.
3. We need to take close look at 5th Wave Terminal Area (123.6%-140.4%). This is an area to watch and I expect big red candle around this area. Price might even go beyond this level to hit 161.8% level, but I see very
little chance. I will explain why below.
4. Let's take a look at fundamentals. Trump had been showing on multiple occasions, his strong despise for OPEC.
NOPEC legislation just passed Judiciary Committee and will be reviewed by Trump. Once Trump signs off this legislation,
OPEC is essentially done. Remember, majority of OPEC members rely their entire economy on oil exports.
If the U.S proceed to file international law suits OPEC members, that would be a huge, huge disaster.
* NOPEC stands for No Oil Producing and Exporting Cartels Act removing the legal immunity from U.S government filing international law suits for OPEC members.
2. Daily Candle closed super strong. Just because chart says this area "could be" a resistance, we are not seeing slow down in momentum just yet.
3. We need to take close look at 5th Wave Terminal Area (123.6%-140.4%). This is an area to watch and I expect big red candle around this area. Price might even go beyond this level to hit 161.8% level, but I see very
little chance. I will explain why below.
4. Let's take a look at fundamentals. Trump had been showing on multiple occasions, his strong despise for OPEC.
NOPEC legislation just passed Judiciary Committee and will be reviewed by Trump. Once Trump signs off this legislation,
OPEC is essentially done. Remember, majority of OPEC members rely their entire economy on oil exports.
If the U.S proceed to file international law suits OPEC members, that would be a huge, huge disaster.
* NOPEC stands for No Oil Producing and Exporting Cartels Act removing the legal immunity from U.S government filing international law suits for OPEC members.
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