We could see 3 global square range at the Oil
chart for last 10 years. I call it Support, Resistance and a Transit zone. You could see that we have successfully leaved Support zone
(so, no Oil
shorts any more) and follows to the Transit zone. There are 2 main options now - to push off from it and return to Support zone
or to come inside of it. If we come inside of Transit zone, it means we are on the path to Resistance Zone
. And that's 100+ Oil
price area. Let's suppose we are take off in Transit zone. There is a question - how long Oil
is going to be passing throw it? You can see app. historical periods on chart.
I have viewed a lot of forecasts at TV and there is almost absent some setups with 100+ price range. That could be a sign that traders are not expect fast emergence of Resistance zone
. That could mean that this time transition could be really fulminant (almost no one expected of Oil's drop to 40 area from 140). Anyway, I prefer to forgot of longterm shorts of Oil
Happy New Year! Best wishes for everyone.
Wish you an excellent year with a lot of joy and profits. May all your dreams come true. Be happy!