HEAVY OIL DROP INCOMING

29 Oca 2019

I am very BEARISH on OIL in the next couple of week/Months...Its currently approaching a major resistance area and same area is bound by an ascending support trendline which got broken a while ago. Now i'm expecting it to head up again and bounce off this support turned resistance trendline or if it breaks it, there is a high probability that it will bounce off the original resistance zone which I'm to be its last move upside.. Coupled with the Political Crises in Venezuela and the uncertainties surrounding the OPEC recently, i expect these bearish fundamentals to help coordinate a heavy DROP in the next few weeks or months which could go all the way to the 40s level before i can be confident again in any sort of recovery.