CL1!
chart mapping/analysis.
Note: TradingView chart B-ADJ adjusted for contract changes
Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty.
Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand destruction, IMO.
Notes:
Note: TradingView chart B-ADJ adjusted for contract changes
Crude Oil Futures capitulating from early October rally despite ongoing Middle East tensions & geopolitical uncertainty.
Only macroeconomic narrative/headwind that would override war escalations is increasing probability of global recession-induced demand destruction, IMO.
Notes:
- Flat bottom pattern development = bias towards bearish price action, TBC.
- Crude Oil = highly manipulated trade with ongoing short-risk from Saudi Arabia &/or Russian market intervention - trade at your own risk to capital.
Agressive dump into ~75.65 horizontal line (yellow dashed) could infer an equally aggressive pump back above support, especially with OPEC+ market intervention.
Lower timeframe analysis will reveal structuring for the pump, or another capitulation to tap lower range of ascending parallel channel (green line) + 23.6% Fib confluence zone, TBC.