Are we about to see a brief rally in crude oil?
|Seasonally, crude oil tends to make a rally up towards the end of December.
This is shown in the red area of this chart.
The technical and geometric situation is shown in this chart below.
Two sets of channels are shown.
We are at the intersection point as shown in the green circled area.
If oil trades above both the blue and purple lines then we could see the seeds of the next phase up.
Our proprietary Market Timing Report system is showing a potential turning point today.
The oscillator is potentially supporting a move to the upside.
We are expecting a major turning point in oil next month.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.