OIL Top?? Might be headed to below $60 soon.
If you think this move in the markets is enough to rattle your nerves, imagine what a move lower in OIL would do to the markets? OIL has extended nearly 100% beyond recent price rotation and has setup a nearly perfect rotational top pattern. If is my opinion that OIL will likely rotate lower towards $60 in the immediate future while the US majors rotate through a congestion phase till they find a new peak near March 15. Time to short OIL?? Might be the perfect time to short OIL.
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