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IPFS News Link • Oil

Technically and Fundamentally, Where Is the Price of Oil Headed?

•, By Mish

$WTIC Technically Speaking 

If Tracey picked $83 on purpose, as I suspect, it's a great point of contention. There is strong resistance at $83. 

There is strong support at $70 and $72. Technically, we appear to be in a sideways channel. 

Assuming $83 is taken out on something other than a short head fake back into the channel, there is resistance at $90, $94, and $98, any of which could end a rally, assuming there is a rally.

$WTIC Weekly Chart

The weekly chart provides nothing technically other than more confusion.

Depending on how fat one wishes to make their crayon, the weekly pattern can be  drawn as a symmetrical triangle, a descending triangle, or perhaps a descending wedge or channel, each with their own interpretation.

So yes, LOL technically.

By the way, TA does not "predict" anything. It's most useful function is to provide entry and exit points.