Key Zone still being respected

24 Jan 2023

I wrote a little while back about the Key zone Oil was entering. This still seems to be holding true. I am now reminded of the old cliché "the longer the base, the better the case". Which I feel also applies to sideways channels in general. The longer a chart moves sideways in a tight channel, the bigger the potential break out. Much like coiling a spring. If Oil stays between $80.20 and $83.20 for longer the potential move up or down is likely going to by big. My bias is still bullish but do your own research. Keep your trigger fingers ready but be patient. Manage your risk and have fun!