Updated 30/09/23:
- Revised up-trending parallel (green)
- Added down-trending/consolidation parallel (white)
- Added horizontal lines (yellow/dashed) to mark upper/lower range (94.239-87.829)
Everything else stays the same (chartist holy grail lol).
OIL_CRUDE
has done an amazing job respecting its upward parallel channel since June.
Could see period of consolidation (foreshadowed by prev price action) into lower trend-line before deciding whether to push higher towards Golden Fib (break upper trend-line), or capitulate to global recession fears & collapse towards 200DMA/23.6% Fib, TBC.
Price action would be biased towards upside given OPEC+ bullish manipulation, however OPEC+ would also be hyper-vigilante on excessive Crude Oil prices which could threaten demand destruction - hence why they opted to review production cuts on a monthly basis to maintain price/economic stability.
- Revised up-trending parallel (green)
- Added down-trending/consolidation parallel (white)
- Added horizontal lines (yellow/dashed) to mark upper/lower range (94.239-87.829)
Everything else stays the same (chartist holy grail lol).
OIL_CRUDE
has done an amazing job respecting its upward parallel channel since June. Could see period of consolidation (foreshadowed by prev price action) into lower trend-line before deciding whether to push higher towards Golden Fib (break upper trend-line), or capitulate to global recession fears & collapse towards 200DMA/23.6% Fib, TBC.
Price action would be biased towards upside given OPEC+ bullish manipulation, however OPEC+ would also be hyper-vigilante on excessive Crude Oil prices which could threaten demand destruction - hence why they opted to review production cuts on a monthly basis to maintain price/economic stability.
