JVtrading
Short

UKOIL - Consolidating before the Big One?

FX:UKOIL   Crude Oil (Brent)
204 0 7
10 months ago
We had the DOHA meeting with a nice gap down but prices recovered and exceeded the gap.

Macro: Technically we just above the weekly down channel and in the middle ? of the daily up channel . In my opinion we are therefore in a Consollidation period. The world cannot agree agree on oil             prices. OPEC cannot agree. Producers cannot agree. The Yen is stronger than the BOJ would want. FOMC need inflation to 2% and the major factor is oil             . CAD is an 40% oil             dependant economy and is appreciating against the Dollar. Will the USA oil             start to come on-line?

In the end of the day OIL             will have to go up again to the 50 -70 lvl             . The question remain when will it happen. Short term to medium term I remain short on oil             but sooner than later we will have to start looking at Long
10 months ago
Comment: Is that a diagonal?

There seems to be a diagonal ( in my limited knowledge) after wave 5. I did not expect one instead i thought an abc correction will follow (flat or something special). Clearly there is abcde between 46.00 and 44 with a expected exceeding of wave 5 high.

This can be an ending formation on the bigger scale but ...hey ...this is oil...anything can happen

Good Luck

Related Ideas

JVtrading
Diagonal ?
JVtrading about UKOIL 10 months ago
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out