WTI is going to set higher and fulfill a lower top in the long term chart. The momentum is going to cross below the zero level. Investors are doubting and the potential upside for the Bollinger Band
indicator is null. The main indicator continues its declining path and suggests that a trend reversal is unrealistic. After completing the ABC
Wave of the Elliot Wave
, the oil
prices can explore lower levels. The start of a deeper correction to maximum 39 - 40 dollars can be confirmed by falling trough the uptrend in the momentum of Chaikin. After hitting the 39-40 dollar range, the price can recover to maximum 45 dollars and close at a level of 42 dollars. On the long term I'm still very negative due to the oversupplies which oil
companies and OPEC leaders are facing with. On the long term an oil
price of 30 dollars is not unrealistic...
- So: long on the short term and short on the long term !