Oil the leading energy commodity is signaling negative price action.
An MTop Formation is on watch. If we get a weekly close below $70 it triggers the Topping formation and sways the probabilities in favor's for more downside action.
This large time frame pattern has a potential to go down to $20...I know, I can barely believe it myself.
A clear weekly reversal rejection has been observed off a key resistance. Downward momentum is in play.
Next potential but level im watching is $65/$66 as oil will have technical support bounces.
An MTop Formation is on watch. If we get a weekly close below $70 it triggers the Topping formation and sways the probabilities in favor's for more downside action.
This large time frame pattern has a potential to go down to $20...I know, I can barely believe it myself.
A clear weekly reversal rejection has been observed off a key resistance. Downward momentum is in play.
Next potential but level im watching is $65/$66 as oil will have technical support bounces.