BMYWin
Long

Hit my buying zone

FX:UKOIL   Crude Oil (Brent)
103 0 1
As we predict Brent Crude Oil             was trading in a narrow range correction trading week. And now it hit my buying zone.
It looks like a standard wave 4 pattern, now it seems trading in PDTB (Pull Down To Buy) area by major traders.
I will like to buy from here.
Stop loss: 35.5
1st Target: 150 day moving average:
2nd Target Previous high: 42.52
3rd Target: 44 (Estimated Wave 5) => 200 days Moving average
4th Target 49 (Extended Wave 5)

Bearish Signal:
1. 3 times challenge monthly average, and now Lower than monthly average.
2. 150 MA continue going down, and play a major pressure.
3. Second week closed dark.
4. If is is in a correction, then the correction target might be at 37.6
(2015/03/18 high 42.52 Minus 2015/02/11 Low 29.89 = 12.63)
(12.63 X 0.382 = 4.82 Correction Range)
(42.52 Minus 4.82 Correction Range = 37.6)
5. Cut production is still not for sure.
.
Bullish Signal:
1. 22 days average Cross above 50 days average for 26 days.
2. 50 day MA (Going up) cross above 88 days MA (Going Down)
3. Weekly chart show 4 bullish solider showing a pull back to buy correction.
4. Monthly Trading Volume continue to increase.
5. Commodities Price Index Wake up.
6. Major Market Stock Index wake up.

Overall: Bullish .
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