I did some bad calls today. Price for both WTI and Brent continued higher than what I had anticipated.
This strong upward move is probably due to 2 things.
1. A counter move to the heavy fall in oil price the last few days. It fell below any and all possible trendlines and channels basically.
2. It also may have hit a bottom for now, at the pink trend line.
I just managed to draw this trend channel which at the end of the session it closed at the top of.
Now the question is, will it fall down from here, or break up?
This strong upward move is probably due to 2 things.
1. A counter move to the heavy fall in oil price the last few days. It fell below any and all possible trendlines and channels basically.
2. It also may have hit a bottom for now, at the pink trend line.
I just managed to draw this trend channel which at the end of the session it closed at the top of.
Now the question is, will it fall down from here, or break up?
