Oil is at the bottom of a long down trend .As you can see on the chart, it is near the neckline. If oil does break the neckline, based purely on technicals it should get to 200 sma, around $70, or even to the descending white line that it rejected in 2013 and 2014 before the massive drop that we have seen in the last two years.
This puts PT 1 at approximately $70, and PT 2 at approximately $85.
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zkstonks
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Price rejected the channel top (for now). Might be able to take a short down to the 45-42 area.
Price rejected the channel top (for now). Might be able to take a short down to the 45-42 area.