[The Oil Drop, ChartInfo Saw It Coming] The Perfect Timing of Technical Analysis and the Ceasefire
Hello! This is WBT from the ChartInfo team. Recently, we've seen massive volatility in the crude oil ($CL) market. With just 20 minutes left on the US deadline, the dramatic news of a ceasefire between the US and Iran caused sky-high oil prices to take a massive dive. A lot of people try to find the reason for the drop only after watching the news, but the truth is, the chart was already flashing strong bearish signals. Today, let's review the perspective from our last post and see how charts actually front-run the news. #Spot-On Support and Resistance at the Top of the Channel TF : D We got a successful bounce right from the key neckline around $94–$96 that I highlighted in my previous analysis, and the price rallied all the way up to the previous high of $117. What you need to pay attention to here is that the $117 price tag perfectly matched the upper resistance line of the ascending channel I drew. If you confirmed the buying pressure at support, the top of the channel was ...