Only logical for oil to go down, but what is logical anymore?

Hello oil traders and Happy Friday! I have been watching things for a while and this has been a crazy month. I predicted we were going to be in consolidation until about November and we pretty much were only breaking out due to the Saudi oil refinery attack. Since November 4th we have been trading sideways and I believe we are building a new resistance around $57.40. With everything going on in the world, logic would tell you it is time to pull back. But if the S&P keeps rising, so will oil, making for a more devastating crash the longer they keep pushing. I am expecting oil to finally run out of steam and fall to around $52 by December and then pick up again into the new year. Be cautious and trade carefully! Have a great weekend!

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