Inverted Penant Chart Pattern on Oil Again - Very Short Term

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  • Inverted Penant Chart Pattern on Oil Again - Very Short Term

Another few days of uncertainty and oil swinging sideways in a narrow range. Creating another inverted penant chart pattern… expect a breakout shortly….


Based on previous analysis, this should be a downward breakout heading towards $17-$18.


But I would take caution at those price levels, oil could bounce back almost immediately.


**NOTE: this could easily be an upward breakout if there is any strong fundamental news coming out. For instance Mr Trump sending another tweet to influence oil price, who knows maybe this time he could say "we're cutting down on our production"!

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  • 16 Apr 20
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Oil

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