Despite the latest rally in oil, I'm not convince that this sell off is over . Analysts from Citi to BAC are screaming that oil would go as low as $20. I'm not that pessimistic , but I believe prices will go lower.
Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil. I believe oil will reach those level rather quickly .
I'm also keeping an eye on the U.S dollar index, which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see
cheers
Algo
Looking at this monthly chart , we can see that around ~ $40 acted as good support for oil. I believe oil will reach those level rather quickly .
I'm also keeping an eye on the U.S dollar index, which is inversely correlated ( - 92 %) to oil . It is currently sitting at resistance @ 94.69. I believe this resistance will be broken, which should indicate lower oil prices. We 'll see
cheers
Algo
Nota
I published this chart more than a year ago . Although oil price didn't follow my initial projection( blue line) , oil remains in " buy levels" area. I will monitor and update this chart soon .
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.