This first chart is a historical record of prices for the past 70 years, it is easy to see that oil is most volatile.
More details on this chart at MacroTrends
This indicator shows still a down trend, price has not moved far enough to warrant the uptrend line.
The Ichimoku Cloud is going to offer significant resistance to price advancing very far.
That thick Ichimoku Cloud will be difficult to penetrate and go through at least for the time being.
The Cloud may cause price to be range bound for a while, there is no way to forecast what will happen.
As today progresses, the price of oil has softened a little, based on turmoil in the UInites States and the China-USA tariff problems.
Saudi Arabia and OPEC are cutting back their production which will help reduce the oversupply and thereby support prices.
There are some fears that weak retail sales are a warning of a slowing economy.
Traders will have to sort these things out as days pass.
More details on this chart at MacroTrends
Supply and Demand
On about December 24, price reached the supply zone and started to bounce back up.Harmonics
Price has bounced off the support level at 43.75 and appears to be headed to the next level at 56.25. It could well make it all the way to 62.50, however, as we will see in another chart there is resistance to slow its progress.Volty Channel
This indicator shows still a down trend, price has not moved far enough to warrant the uptrend line.
Ichimoku Kinko Hyo
The Ichimoku Cloud is going to offer significant resistance to price advancing very far.
That thick Ichimoku Cloud will be difficult to penetrate and go through at least for the time being.
The Cloud may cause price to be range bound for a while, there is no way to forecast what will happen.
As today progresses, the price of oil has softened a little, based on turmoil in the UInites States and the China-USA tariff problems.
Saudi Arabia and OPEC are cutting back their production which will help reduce the oversupply and thereby support prices.
There are some fears that weak retail sales are a warning of a slowing economy.
Traders will have to sort these things out as days pass.