It may be that this is the low point and then oil does another swing high before eventually going down. Or it may just head straight down.
If it continues to break down then wait for a consolidation and sell. If it heads up then wait for it to reach the top of the wedge and then sell.
The current risks in the market are:
If it continues to break down then wait for a consolidation and sell. If it heads up then wait for it to reach the top of the wedge and then sell.
The current risks in the market are:
- If Libya gets pumping then it will go down hard
- If OPEC members start talking about freezing possibilities(even though its never going to happen), it could spike