Remember this chart - Where we looked at how well price was respecting the levels. It would move towards & touch each level and then test its strength, before either moving through and continuing on, or reversing and coming back and testing the next level for strength (or weakness).
I just wanted to point out where price failed to reach a level this week (arrowed in Orange), which it missed by quite a margin.
Seeing as price had respected almost every level previously without fail (apart from once, if you look carefully - circled), what price was telling you here was that it was weak. It was So Weak, that it didn't have the strength to reach up and test (or touch) the level above like it had always done previously.
This was another indication that price was likely to come off, and move lower.
Also note that each level was again tested on the way down (there was even a little new one, between the first and second).
Currently price should in fact reach up and test the level above, but I am doubting it has the strength to....... we'll see....
I have a target price below between 24 and 24.50 which appears likely to be hit, barring any potentially positive news from OPEC.
