Why, have we ever seen a chart so full of folly, Mr. Livingston?
You can almost feel the motors turning, wouldn’t you say? The tension is rising, waiting for oil to break out. And now with the OPEC deal, we can be sure it will. However chart trends read otherwise. So what is a civil man to do, Mr. Livingston?
The support is clearly visible however there is a secondary support that the price has both bounced off of and gapped through several times. I would estimate a secure buy point would be at that secondary support.
Do keep in mind that as the price bounces into the pointy end of this funnel the profits shrink. What gave us 18% on the last trade may result in barely 11% on the next. But that’s 11% more than we had, was it not?