WTI crude oil mid-term bearish signs
Weekly bearish engulfing candle annihilates 3.5 weeks of up-swing.
The key to the development is breaking below 91.74, which requires prior breaking of down-sloping blue trend line. If that is realized, one can expect AB=CD with the target around 82.5 withing 7 weeks.
The idea is supported by increased oil production by Lybia and (supposed-to-be) by Iran in the conditions of stagnant world consumption and decreased mid-East tensions.
The key to the development is breaking below 91.74, which requires prior breaking of down-sloping blue trend line. If that is realized, one can expect AB=CD with the target around 82.5 withing 7 weeks.
The idea is supported by increased oil production by Lybia and (supposed-to-be) by Iran in the conditions of stagnant world consumption and decreased mid-East tensions.
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