About three months ago I shared my long term view for Oil towards 20 and I still favor that. I believe price is setting up a for triangle consolidation. Many might say it is too soon to tell and I have to admit that might be correct. However a triangle shows certain characteristics and often follows a certain structure. There are also many fundamental reasons to favor this.
That and the monthly time frame tell me that this is the most likely scenario at the moment. This will result in a long term consolidation, however the range is relatively large and will therefore still present many trading opportunities. Short term I'm looking for a break lower.
For my post of 3 months ago see below:
The 1 hour time frame shows an important contraction zone on the left and we need to break below for more bearish price action and high probability sell trades.
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That and the monthly time frame tell me that this is the most likely scenario at the moment. This will result in a long term consolidation, however the range is relatively large and will therefore still present many trading opportunities. Short term I'm looking for a break lower.
For my post of 3 months ago see below:
The 1 hour time frame shows an important contraction zone on the left and we need to break below for more bearish price action and high probability sell trades.
www.facebook.com/wwwtimstuytscom
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Moving as expected and I adjusted my stop loss.
