When Crude rose from $39 in early August to $52.24, there was hope of a major resurgence upside but since then (Mid_October), price has resumed downside. This was hugely expected as we shared with our free subscribers in the free commodity telegram channel where we share useful analyses and forecasts of Crude, Gold, Corn, Silver and other commodities.
Is there still hope for the bullish trend to continue?. The chart above clearly shows that the recent bearish move is so strong and there isn't enough evidence that price will resume upside soon. What we could see is a bullish correction.
In the midst of this bearish bias, we expect price to correct upside soon to around $48.
The chart above is the 15min chart which shows that price could continue downside to around $42 before a rally to around $48.
The rally, if it comes, can go all the way to resume the bullish trend and break above $52 high or return downside from $48 or thereabout. There is also a possibility that price will continue downside below $42.
There is a clear conviction that price could resume upside soon.
We will wait for further dip to $42 and set to buy above $43.5. This may change depending on what price does today. We will adjust our analysis and give a clear-cut forecast/signal to our telegram free subscribers on Telegram. You can also JOIN and be a part of it.
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