jayt88
Long

Setup for long on Oil

FX:UKOIL   Crude Oil (Brent)
79 0 1
It looks like a cup and handle is pattern is in the process of forming, right now we are in the consolidation portion of the handle, any break would see a rise upwards easily into the 60s..

I do not have a specific target price, but it looks quite attractive to enter at this point in time for an upward move. The recent EIA             report was supposedly bearish , but looking at the production and import figures, I would say it was still borderline with the main emphasis on weak demand.
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