USOIL Target for Bulls with supporting trendline and Fib Retrace
I see two trendlines that could take place. A bullish one ( white) and bearish (purple). Bearish line takes us into the mid 30's. This would set up a 4th new yearly low. Since the early 90s this is something that has not occurred after a 50% drop in oil prices.
My Bullish analysis show support from a 23.6% fib retracement, a trendline that includes low from August 15', and a rounding support with August low being the apex. Takes up somewhere near $40.50
I'm inclined to believe the bull analysis will take place.
Also, in November we should see refiners come back online from seasonal maintenance, so a draw or at the very least a less then expected buildup should occur in November.
My Bullish analysis show support from a 23.6% fib retracement, a trendline that includes low from August 15', and a rounding support with August low being the apex. Takes up somewhere near $40.50
I'm inclined to believe the bull analysis will take place.
Also, in November we should see refiners come back online from seasonal maintenance, so a draw or at the very least a less then expected buildup should occur in November.
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