Short term- Consolidating: potential symmetrical wedge forming. (Short term scalps to be had.)
Medium term- Bearish : Lots of resistance. Looking to see a pullback to at least 21.00 handle a 50% swing of the March low to the August high. If the lower trend line is respected and a wedge plays out a conservative long play to the 61% pullback of the Aug highs to Oct lows. (26.750). Could prove rewarding.
70% chance of sell off
30% Up side breakout
(Sidelines, waiting for confirmation of directional break)
Long term- Bullish: Underlying fundamental and economic events unfolding are driving this commodity to new highs. (Broader picture correction happening. Grab some on sale)
As Always this is not financial advice. Just my Perception of the current market.
Medium term- Bearish : Lots of resistance. Looking to see a pullback to at least 21.00 handle a 50% swing of the March low to the August high. If the lower trend line is respected and a wedge plays out a conservative long play to the 61% pullback of the Aug highs to Oct lows. (26.750). Could prove rewarding.
70% chance of sell off
30% Up side breakout
(Sidelines, waiting for confirmation of directional break)
Long term- Bullish: Underlying fundamental and economic events unfolding are driving this commodity to new highs. (Broader picture correction happening. Grab some on sale)
As Always this is not financial advice. Just my Perception of the current market.