FUNDAMENTALS:
Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices of oil down this year, and think about the coming presidential election. That will be your unknown variable to the fundamentals in the price.
TECHNICAL ANALYSIS:
I have chosen the daily time frame for this chart since it has done the reverse stock split that has complicated the price ranges. I have found that the price is possibly forming an ASCENDING TRIANGLE or a PENNANT. This pattern I have outlined in white lines. There WILL be a breakout of this pattern in the coming days or weeks. A break below will happen based on the fundamentals of the global economic, and the fear virus.
A break above this pattern will allow the price push higher and retest the orange lines.
Remember, I am not your financial advisor, and I am not legally qualified to give advice or tell you what to do with your money. Do your own research.
Ever since the reverse stock split back in April of this year, this chart has become problematic in future price discovery. I have no skin in this, but I want to take on the oil markets as a challenge to myself to focus in on the global markets, and how political shenanigans play a factor in the price of oil. Just keep in mind what drove the prices of oil down this year, and think about the coming presidential election. That will be your unknown variable to the fundamentals in the price.
TECHNICAL ANALYSIS:
I have chosen the daily time frame for this chart since it has done the reverse stock split that has complicated the price ranges. I have found that the price is possibly forming an ASCENDING TRIANGLE or a PENNANT. This pattern I have outlined in white lines. There WILL be a breakout of this pattern in the coming days or weeks. A break below will happen based on the fundamentals of the global economic, and the fear virus.
A break above this pattern will allow the price push higher and retest the orange lines.
Remember, I am not your financial advisor, and I am not legally qualified to give advice or tell you what to do with your money. Do your own research.