Early this year, I expect oil price will going down due to diagonal triangle pattern spotted on daily chart. My analysis is valid until today, where crude oil price doesn’t have a new high. In a simple word, world oil price is down.
Do you remember? When oil price is at USD92 per barrel? Our government instantly increase the RON 97 price to RM2.50 and the reason given was that world oil price increased.
But now, world oil price is at USD86.22 per barrel. Did they reduce the Ron 97 price? NOPE.
Huh.. Hey Najib, Malaysian isn’t so stupid lah. Do you think only you able to predict price movement? I also can. And my prediction is valid.
They just ignore the downfall of oil price, and only will take action when the price going up. See.. when world oil price back to USD90 per barrel, surely they will increase the Ron 97 to a new price. Wait and see.
And I am expecting that world oil price (crude oil #CL) will go down to USD81 per barrel, to complete the fifth wave on 1 hour timeframe.