Current thoughts on crude oil

10 ธ.ค. 2016

These charts represent some thoughts I have on current crude oil prices and action. I'll start with the monthly chart. I believe that a major downtrend is still in play and that price is moving up toward the upper channel.


Weekly chart:




Daily chart:




4Hr chart:




1Hr chart:



Bottom line: watching the ascending triangle on the weekly chart. I think this is key to understanding when price will challenge the upper monthly channel line. 1st day of trading week of 2016-12-12 should give insight. A substantial break above weekly resistance should be indication that move to monthly channel support is underway.