Source: Blackwell Trader (Oil, D1)
Crude Oil markets, technically speaking, have jumped out of the pennant pattern and have rushed up to the current bearish trend line in the market. While people might see this as a bullish breakout, it’s yet to really convince the markets.
Source: Blackwell Trader (Oil, D1)
We have the possibility of a movement upwards, breaking out of the trend line. However, this may only have steam to make it up to $100 dollars a barrel before we see a sharp pullback lower again. As current long term forecasts are bearish.
Source: Blackwell Trader (Oil, D1)
The second most likely option is a rejection of the trend line and a shift lower. This would likely see bears targeting between 92-91 dollars a barrel of oil.
Overall, oil is set for some interesting moves. It’s likely we may see a movelower, or a solid breakout from the trend line. But we will have to wait for tonights market movements to see if predictions come true.