Crude oil had been on a run over past few days on back of the event of US attack on Iran and rise in global tension. But look at the below chart and the systematic movement on the cycle days.
Do you still think Crude movement is driven by news or events? I agree that short term spikes and moves can be a result of any event but the major trend eventually resumes. Even the movement has been between the support and resistance levels marked on the chart. Eye opener, Isn’t it!
Crude oil weekly chart:
Above chart clearly shows movement of Crude oil between the support and resistance levels which marked the territory for entire year 2019. Is it not amazing that the rise in Crude came from the support levels and prices are now back at the resistance on upside.
Time cycles: Timing the movement of Crude on weekly basis using Hurst’s Time cycles is simply amazing and each reversal on upside came from the exact same week which marked cycle low.
So, the event only resulted into price movement from the support towards the resistance levels which was anyways probably supposed to happen. The event only resulted into a sharp rise which would have been otherwise an overlapping up move.
Stay ahead at major turning juncture by looking at the charts and Elliott wave patterns rather than news or events which looks logical but not for trading the commodity! Think again!
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