Short term we are at the upper end of the the resistance trendline and at the same place where RSI-14 peaked at approximately the 77 reading on the previous two swing highs. From a time cycle perspective of the previous peaks, we have had approximately 70-80 bears between each peak -with the current peak 73 days from the last.
No guarantee this plays out again but if history repeats and rhymes then watch for a short term pullback in the oil price from these levels.
No guarantee this plays out again but if history repeats and rhymes then watch for a short term pullback in the oil price from these levels.
"If you do what you love, you'll never work a day in your life" - Marc Anthony
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"If you do what you love, you'll never work a day in your life" - Marc Anthony
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.