Crude Oil has bottomed, expect this target.
Hello friends,
This chart is self-explanatory with the exception of; why did I note the double bottom . I just want to point out that even though we are extremely oversold on the weekly, there is always the possibility of a lower low. If that happens, then be assured that we will see a massive upswing towards levels not mentioned on this chart.
IMO , we may test previous lows and bounce about looking for direction for which way crude will go. I do expect at some point that we will see crude move upwards towards the target as indicated on this chart.
Just be careful and look for a break out before you throw down.
Trade Safe!
Cheers!
This chart is self-explanatory with the exception of; why did I note the double bottom . I just want to point out that even though we are extremely oversold on the weekly, there is always the possibility of a lower low. If that happens, then be assured that we will see a massive upswing towards levels not mentioned on this chart.
IMO , we may test previous lows and bounce about looking for direction for which way crude will go. I do expect at some point that we will see crude move upwards towards the target as indicated on this chart.
Just be careful and look for a break out before you throw down.
Trade Safe!
Cheers!
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