A monster move
=> A few important updates here for Crude as we enter the final weeks of the year. For those who have been following us on Telegram and Tradingview you will know we managed to catch the move from 70 to 50.
=> This move was telegraphed in advance earlier in the year as politics began to take the driving seat behind the commodity as well as the OPEC cartel clashing forces in the ST on the supply side.
=> Today we are analysing this from a strictly technical perspective... after breaching the 51.67 we have exposed serious downside risks and one can argue that the rise from 2016 lows was completely counter trend.
=> In hindsight, the signs of a top were crystal clear for all to see. The high in October tested both the lows from October 2011 as well as the infamous trend line since 2008.
=> This selloff has been very aggressive and similar to that of 2011. So from a technical perspective the levels to track moving forward are the 50% retrace we are currently trading around (51.47).
=> After this the next level to the downside unlocked will be 45.47 (the 61.8% retracement).
=> Expecting some congestion and consolidation here around the 50 handle with the next steel support at 45.47... in any case the uptrend for oil and an oil driven economy has seriously been damaged and left with more than a bloody nose.
=> Best of luck to those who are still trading this in the final weeks. Here after profit taking we are flat as a pancake after the massive move to the downside.
=> This move was telegraphed in advance earlier in the year as politics began to take the driving seat behind the commodity as well as the OPEC cartel clashing forces in the ST on the supply side.
=> Today we are analysing this from a strictly technical perspective... after breaching the 51.67 we have exposed serious downside risks and one can argue that the rise from 2016 lows was completely counter trend.
=> In hindsight, the signs of a top were crystal clear for all to see. The high in October tested both the lows from October 2011 as well as the infamous trend line since 2008.
=> This selloff has been very aggressive and similar to that of 2011. So from a technical perspective the levels to track moving forward are the 50% retrace we are currently trading around (51.47).
=> After this the next level to the downside unlocked will be 45.47 (the 61.8% retracement).
=> Expecting some congestion and consolidation here around the 50 handle with the next steel support at 45.47... in any case the uptrend for oil and an oil driven economy has seriously been damaged and left with more than a bloody nose.
=> Best of luck to those who are still trading this in the final weeks. Here after profit taking we are flat as a pancake after the massive move to the downside.
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