Island Reversal forming on the OIH

[S2007S]

Quote from thehangingman:

Here we go...in a few days, this is going to appear as the classic Island reversal on the charts. Im holding my breath on this call.

If oil was to fail 55 dollar support, then its going to $33. Im not kidding...

BTW, OPEC lied. Tanker count demonstrates that they are not making good on the cuts.

33. whewwww.


that would put gas at around 1.50-1.75...

 

[thehangingman]

A drop like this tests the real areas of support. I feel there are two ways it can go from here. This will create a spectacular V-Bottom on the chart where everyone is feeling gloom and doom. Then there will be some bullish news that sends oil much much higher off of the v-bottom like an emergency OPEC meeting

or

it could fail support and go to 33.

This will no longer trade in a channel which is my opinion and not a fact.

There is one very bullish event that might happen soon which is North Korea testing a nuclear device with Iranian officials present at the blast site.

Quote from S2007S:

33. whewwww.


that would put gas at around 1.50-1.75...