Oil - Weekly - 11.2.16.png
Oil - weekly chart. This is not investment advice.
Or could be a double top on the weekly in a clear downtrend over past couple years.....choose you this day which chart pattern you prefer.
@007: It's not just about geometric shapes and patterns. We need to consider volume, price action, sentiment, foreign currency impact, etc. All of those together indicate that the most likely outcome is the one I presented here; at least in my opinion that is what it indicates.
But thats not considering supply and demand which is changing drastically to the downside, plus glut over supply now...just not sure that eliminates the contrary...
Of course I agree completely. Supply and demand for the commodity will ultimately determine its price. Sometimes you can see in the charts the discounting of fundamentals and sometimes you can't.