Oil Price Analysis

20 ene 2021

This chart ( USOIL / DXY ) Is the price of oil in relationship to the strength of the US dollar , expressed as a ratio. First, Lets look at price action. The current value is near a major trend line stretching back to the 2018 top and including the 2020 top.The second trend line sees the price also rejected another buy zone back in November. The third trend line represents the overall trend of oil prices, which has remained around $50 over these last few years. Secondly, lets look at technical analysis .The CCI , Stoch RSI , and RSI are all right near zones which imply a major move. I cannot determine which way, but within the next few weeks, I predict that there will be substantial price movements in oil . If it follows its current trend, I expect there to be either a breakdown to around $45 by mid march, or for a blow off top to occur. Thanks for coming to my TED talk