Oil looks to be breaking out of a 2 month long descending wedge. The 100d Linear Regression Channel had us bounce off the top in August, and the bottom in Sept. We have Stacked Inverse Head & Shoulders - massive upside possible.
Today things that oil has accomplished TODAY (9/2/2021):
1) Cleared 9d/100d confluence
2) Cleared the 20w SMA
3) new weekly high
4) Tagged and BROKE the 50d SMA
5) tagged the bottom of the Fisher Bands for 2H2021
6) Broke out of a descending wedge/bull flag
Today things that oil has accomplished TODAY (9/2/2021):
1) Cleared 9d/100d confluence
2) Cleared the 20w SMA
3) new weekly high
4) Tagged and BROKE the 50d SMA
5) tagged the bottom of the Fisher Bands for 2H2021
6) Broke out of a descending wedge/bull flag
Yorum:
Target is $78***
Yorum:
Oil playing out as expected - yet we are at a key area here.
Over head we have the 2H2021 Upper Fisher Band/2018 highs. Possible bull flagging out on the daily back to the 9d SMA. Once we break the 2018 highs, buy with both hands as it could go parabolic.
The Parabolic moves we are seeing in Energy (both CL1! & NG1!) are typical of a late stage bull market blow-off-top. Only time will tell.
Fwiw, 1929, 1987, 2000, 2008 Bear markets all started around October.
Over head we have the 2H2021 Upper Fisher Band/2018 highs. Possible bull flagging out on the daily back to the 9d SMA. Once we break the 2018 highs, buy with both hands as it could go parabolic.
The Parabolic moves we are seeing in Energy (both CL1! & NG1!) are typical of a late stage bull market blow-off-top. Only time will tell.
Fwiw, 1929, 1987, 2000, 2008 Bear markets all started around October.
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