TradingView
smitheric1970
Aug 25, 2016 3:06 PM

Possible Accumulation in Oil Long

Crude Oil Futures (Oct 2016)NYMEX

Description

Two week target: Oil is looking like it may be accumulating as buyers appear to be holding the 46.5 level. A weekly candle close this week above 47.78 will confirm my target price of 49.53 to possibly be tested next week. Long a 2 hour candle close above the trend line; or a retrace back to it.

Comment

I am a fan of Wyckoff: this link shows a model of accumulation. I would say that we are currently moving from Phase C to D hopefully seeing the D phase consolidation in the blue zone next week.
d.stockcharts.com/img/articles/2015/07/1435783650198402906768.png

Comment

Trend line broke, woohoo! I am now looking at 47.13 support and will add long position on a drop to 47.22.

Comment

My expectation is that this will still come to fruition if the lower channel line is https://brokenhttps://www.tradingview.com/chart/CL1!/GmQd4hDM-Oil-Possible-Weekly-Distribution-Range-Ahead/

Comment

Comment

More