Bull Flag Formation on the Daily Chart?

1 thg 8, 2019

It appears WTI crude oil may be finishing the formation of a bull flag on the daily chart, and that today's low, after a 7%+ decline in the spot price (due to Trump's announcement of 10% tariffs on Chinese products), may have been the bottom of the formation.

Developing...

Thoughts? Would love to hear what you think and where you see oil prices headed.

2 thg 8, 2019

Ghi chú

Forgot to draw the target price...

If pattern is confirmed, initial target price ranges between $64-$65 . . . And potentially higher if we enter a sustained upward trend towards $80.

14 thg 8, 2019

Ghi chú

OK, so the bull flag extended a notch lower than expected (thought I'd called the bottom of the formation). Nonetheless, formation is still intact.

Now, all eyes on the price action to see if it breaks to the upside with an initial target of $64-$65. Got a hunch this will break to the upside given bearish sentiment and shorts currently caught on the wrong side of the trade.