This is not the the first time oil prices has shown a firming or resistance, but is this it. This last channel was 30 trading days long before it firmly broke down and continued down. The was all of September and first part of October. Here we are again 18 trading days deep into channel. Will we break up and out or down for lower prices? I have no clue, but I’m watching because I do believe long term oil prices will return higher. As soon as the Saudi’s are done playing their putting everyone out of business game, it will be back on. I will looking at daily, weekly, and monthly charts on this to find a long term entry. We are not there yet in my mind unless you are a gambler.
Below is the weekly and monthly chart
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