Challenge Neckline Again

FX:UKOIL   Crude Oil (Brent)
139 3 2
Last week we estimated correction might target at 42.74 to 44.05, and we execute our planned to have another long position when price near the target we estimated. The trend looks like want to challenge the Neckline (48.10-48.30). This price is a big pressure during the two time frame :2015/1/20 - 2015/1/29 and 2015/10/28-2015/11/09.

Currently bullish signal will be:
1. 5 days MA cross above 10 days MA.
2. Testing 30 MA but fail to penetrate it.
3. 50 days MA cross above 200 days MA (Golden Cross)
4. Shortage supply from Pipeline Leak from Nigeria, and wildfire in Canada.
5. Strong demand from India and China.

Currently Bearish signal will be:
1. 200 days and 300 days MA is still going down.
2. Do not reach an agreement to cut product between big players.
3. Price increased sharply from 27.08 at around 77%
4. Saudi Arabia replace their minister of Energy, and Moody's downgrades Saudi Arabia credit rating on low oil             price

Overall the trend is still bullish .
Although demand may be strong in India and China, I think it's good to find out what kind of oil they are using.
USOil and UKOil are light and sweet oil, not very economical to use it to run factories.
Light and sweet oil is good for running automotive, which is now being replaced by electric and hybrid.
If industries are importing heavy and sour oil, there will be priced dead cheap in the market and this will further erode prices for lift and sweet oil.
AlexC AlexC
Sorry for the spelling error. Stupid auto correct spelling software.
BMYWin AlexC
Maybe what you said is correct. To replace the machine or the engine is not easy in a short time frame. Market is dynamic. We will take your advise into consideration. We set our stop profit rolling day for managing our right direction position.
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