Friday the 13th is a Bad Omen for Oil Bulls
The top chart which is the daily shows major trendline support confluence at 101.00 and a 15-day time cycle of peaks which suggests we’re currently near or at a peak.
The bottom chart which is the hourly shows a compound rising wedge (a rising wedge within a rising wedge) and the breakout of the teal line which “requires” a kickback revisit before allowing any potential major move up. This coming Friday the 13th coincides with the intersection of the red, orange, and teal major trend/channel lines. This cannot be seen as a bullish near-term omen for those who are superstitious.
The bullishness of the daily chart is undeniable but the market doesn’t go straight up (usually) so this idea presents a healthy retrace and shakeout which can be accomplished on the way up to the seemingly inevitable higher oil prices. 101.43 is the .618 Fib retrace level which along with the trendline confluence, supports a 101.00 +/- 1.00 price level as being a target/support region.
The unfortunate part of this analysis is that the suggested low will be on a Friday making it difficult to buy without holding for the weekend after a week of selling.
The bottom chart which is the hourly shows a compound rising wedge (a rising wedge within a rising wedge) and the breakout of the teal line which “requires” a kickback revisit before allowing any potential major move up. This coming Friday the 13th coincides with the intersection of the red, orange, and teal major trend/channel lines. This cannot be seen as a bullish near-term omen for those who are superstitious.
The bullishness of the daily chart is undeniable but the market doesn’t go straight up (usually) so this idea presents a healthy retrace and shakeout which can be accomplished on the way up to the seemingly inevitable higher oil prices. 101.43 is the .618 Fib retrace level which along with the trendline confluence, supports a 101.00 +/- 1.00 price level as being a target/support region.
The unfortunate part of this analysis is that the suggested low will be on a Friday making it difficult to buy without holding for the weekend after a week of selling.
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This fell quicker than anticipated. Need to rethink what's going on, will still be looking at that intersection on Friday the 13th as support (or resistance if the selling continues below 101).