As you can imagine we've been having a lot of discussions about Oil recently. I've even made some pretty significant adjustments to my trading accounts in order to prepare for future opportunities. Most of the analysis has been fundamental, but even from an investment perspective, I like to mix in the technicals as I find them to be helpful.
A few days ago we identified a head and shoulders bottom & after a nice little follow-through, we're approaching the next "Decision Point" If you're unfamiliar with my verbiage, basically a "decision point" is a place in the market that will highly impact my prediction going forward based off of what price decides to do there.
In this particular case, a "break above & close above" its level would allow me to predict that price is likely to go higher and that helps me create a confirmation bias & plan my attack for how to get involved in that sort of move.
Again from an investment perspective, my bias is first and foremost caused by the fundamental side of things, but I do find the technicals to be helpful when it comes to confirmation & deciding on place/time to enter.