We have been focusing a lot on Oil's short term price fluctuations under a highly unstable environment. This High Volatility may be simply technically caused by the commodity's long term cycles, phases that tend to repeat over time.
As you see on the chart the price is currently within a long term consolidation phase, similarly to what it did from mid 2011 to mid 2014. There are high chances of repeating and completing this phase again. The fact that the monthly chart remains neutral (RSI = 45.100, ADX = 18.497, MACD = 0.310, Highs/Lows = -0.7850) generally supports this idea that there is no trend at the moment on the long run.
This is an idea we brought forward almost 1 year ago, of course with some deviations to the actual price action:
The purpose of this is to give an idea to long term traders where they can buy, hold and eventually take profit over the next 2 years.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
As you see on the chart the price is currently within a long term consolidation phase, similarly to what it did from mid 2011 to mid 2014. There are high chances of repeating and completing this phase again. The fact that the monthly chart remains neutral (RSI = 45.100, ADX = 18.497, MACD = 0.310, Highs/Lows = -0.7850) generally supports this idea that there is no trend at the moment on the long run.
This is an idea we brought forward almost 1 year ago, of course with some deviations to the actual price action:
The purpose of this is to give an idea to long term traders where they can buy, hold and eventually take profit over the next 2 years.
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
