OIL: New low eventually ahead? Seems likely to me.
A couple of days ago I suggested that the recent upswing in oil may be short lived and I closed my long position. We did get a correction today. Looking at the weekly longer term log chart I believe most like we will see a lower low ahead. This is based on the two channels I have drawn and the ares of longer term support. My opinion would change if the steeper black down channel is broken. Take care. Have a good week trading.
