Oil (CL) Technical Analysis for the Week of 2/24/2019 – A Major Move Spotted!

In going over oil’s chart (CL) and the price of oil with different time frames I discovered a huge move that will eventually happen. In the past, I had not looked longer than 10 years for the price of oil but today I did going back to the late 90s.

Well, a move initiated in 2016 and it could bring oil back down to the low 30s again. It may not happen today, tomorrow, or a year from now but it will eventually happen. There is one caveat, however. If the price goes up and hits $147 before hitting $33 then that will move the exit up to around $90.

I go over this in the video as well as some short setups that happened on the 15-minute chart this past week.

Video of Oil (CL) Technical Analysis for the Week of 2/24/2019

Recap of the Price of Oil

Oil (CL) has the potential to go back into the low 30s. It will either do that or go up and hit $147 first. I think it will hit the low 30 mark. It probably won’t happen in the next year or two but down the line price has the setup to plunge back to those lows.

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