Will 2016 be the year of Oil and manage to recover some of the losses Crude suffered during the last two years? Since I've posted here this weekly Bat pattern in CL, the price rallied and reached target 1. It created a False Break inside the small structure zone that was created inside the PRZ and now about to re-test this zone again.. perhaps a Kiss Of Life scenario
If the price will rally from the 40$-44$ zone, it'll easily pass the Fast SMA line (weekly) and therefore the first target will be the 50 weeks SMA line, near 50$. That's an impressive rally in itself... but.. If what we are seeing is a weekly reversal in Crude, 2016 could turn out to be the year of Oil as secondary target waits near 80$ .. and that's a huge potential rally in energy.
Tomer, The MarketZone Follow me on TradingView Subscribe to my newsletters - goo.gl/R3gPVE Follow my blog - goo.gl/78KZsl Subscribe to my Youtube channel - goo.gl/q8dbyT
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Can become relevant this week with the fear of global war due to Friday's attack. Weekly Pattern still in play - Read more goo.gl/TFUjbZ
well guys for if you are looking for long term upside then as per seasonal trend... expect oil to start rising from March...
current months Nov. till March oil will remain down... it is possible that oil can go 32$ as well... so keep seasonal trend in mind... usdcad remain bullish in these months..
themarketzone
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I think that regarding USDCAD, what could set the tone in the near future is the U.S Dollar.. less the CAD or Oil.
jhakas
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I think oil than US dollar... a good example is Black Monday.. when uj and usdchf were tumbling down but usdcad was stable close to 1.32 figures... and it was stable due to fall in oil...
jangseohee
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yes it is a long but
need to get pass the neckline
themarketzone
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Nice..Interesting zone indeed..
themarketzone
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Since we are talking about a weekly chart here, the buy zone is wide.. 40$, perhaps a bit lower, is the bottom of the zone.
I'd look for some daily reversal pattern inside this zone. Those who are looking for the long term trade will have to accept wide stop loss here
jhakas
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Here is my weekly Oil chart.. sooner or later it has to kiss 37.7
current months Nov. till March oil will remain down... it is possible that oil can go 32$ as well... so keep seasonal trend in mind... usdcad remain bullish in these months..