Happy Black Friday oil traders! I hope everyone had a wonderful Thanksgiving! I deleted all of my other channel lines to take a fresh look at what oil has been doing and what to possibly expect for December. I am assuming the US Stock Market is going to boom today because of Black Friday, but I am not sure oil will follow. President Trump is now pushing China on Hong Kong, which they do not like so that may play a factor in oil prices in the short term.
But if we look back on the daily to the lowest close in the last 6 months at $51.06 on June 12th, and then at the highest close of $60.93 on July 11th (a difference of $9.87), discounting the False Positive of the Saudi oil field attack on September 16th, we see a slow narrowing channel. Oil now seems to be hitting resistance in the $58.30 area and it has been a while since we have seen a major correction. That being said, I am expecting December to be a slow month for oil and by the end of the month return to the $53.00 area before going back up.
If this interests you or you agree, please click the like button! Thanks and have a wonderful weekend!
But if we look back on the daily to the lowest close in the last 6 months at $51.06 on June 12th, and then at the highest close of $60.93 on July 11th (a difference of $9.87), discounting the False Positive of the Saudi oil field attack on September 16th, we see a slow narrowing channel. Oil now seems to be hitting resistance in the $58.30 area and it has been a while since we have seen a major correction. That being said, I am expecting December to be a slow month for oil and by the end of the month return to the $53.00 area before going back up.
If this interests you or you agree, please click the like button! Thanks and have a wonderful weekend!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.