Oil How We Forecast (Story in Charts)
It all started at the beginning of June 4th, 2022. Oil was forming an ending diagonal (wedge) and we called for a top and a significant loss of value when everyone and their dog were calling oil to $150. The chart below was the original call.
Then it became more interesting. Instead of signaling recovery at the initially targeted level, oil showed signs in candles and technical indicators that it was going lower. And we called a Double Top on August 1st.
Fast forward seven months. Oil perfectly hits the target $65 in the middle of March.
And everyone thought that this was the bottom, but not us, and we called the next move towards $34.
Recently oil bounced on some OPEC news, but we don’t think it was sufficient to reverse the long term trend which was showing signs of a continued ride downwards.
We discussed the probabilities of the move and the perspectives for the April monthly closure in the weekly report yesterday:
If you are interested in Natural Gas, we also have this covered for you:
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