The other day I was looking  at a 20 year monthly chart of Oil and trying to figure out where this current rally may top out at. After tilting my head from side to side, this is the best I could come up with for upper and lower boundaries. The yellow lines is where I simply connected the angles. It’s interesting how the vertical one follows the chart straight down while the horizontal acts more like a magnet for the price.

For what it’s worth, I’m short term bearish on this commodity and very curious to see if that short term trend takes us down to the $85 level, where I would expect it to bounce.

[ad#ad-1]

3 Responses to “Boundary Lines in Crude Oil”

  1. Lioncub Says:

    Sorry, not related to crude oil but news regarding silver.
    http://profitimes.com/free-articles/sprott-to-buy-1-5b-of-silver-bullion/

    Thought our guys may be interested in reading this and sharing their views.

  2. jeff pierce Says:

    covered short in silver for 4%

  3. Lioncub Says:

    Cool.. needless to say, you are a pro trader Jeff.
    So, do you think that silver won’t move lower or may move up?

Leave a Reply

You must be logged in to post a comment.