Oil Macro Look - Bearish still possibly

3 thg 4, 2015

Oil looks bearish here on a macro timeframe. It broke down through the upward macro sloping trendline around Aug. and then thru the 50 dma in Sept. and has been in a downtrend ever since then. The fast decline and bear mkt. caught many by surprise. Oil is currently showing a macro bear flag pttn. w/ tgts. being in a range of 27-16 lvls. depending on where you draw the top of the flag. It looks like Oil is currently consolidating and will prolly do so for a few months before continuing lower. As always........watch volume for confirmation.