October 22, 2020

Crude Oil Tracing out a Bearish Wedge

9/14/20 “the intermediate-Term outlook remained bearish on the oil.

Today ditto. The wedge pattern shown on the 90-minute bar implies a thrust coming out of that formation, very typical. After a number of false starts we witnessed, this decline has the structure of an impulse wave, which suggests it is in the direction of the larger trend.  I will leave trade plans to the trader, we have an Algo to use. however, it should be clear that a minor move above 40.34 would run a few stops. If that failed to pick up a long following jumping on the failure with short sales make sense. More below…

This work by Jack Cahn is licensed under a Creative Commons Attribution-NonCommercial 4.0 International