Crude oil $15/Barrel

I got a few critical emails back on January 11th when i posted that crude oil looked to be headed to the $20 range over the next year or so. Following up on this it’s clear nothing has changed technically. Comparing the two charts you can see clearly a perfect grind along resistance through spring and subsequent drop of around -15% with no real end in sight technically.

Consequential geopolitical shifts that this brings cant be underestimated. Oil still failed to diversify their economies on the last price run and their ruling regimes will probably pay dearly for this.

Current WTI weekly chart

oil-15

 

 

The best charting teacher I know:
The Morning Analysis Service by Paul Coghlan
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