Oil successfully broken out following my previous post
Now retested, and the door should be open for higher prices, using the measured move of the mid June
triangle width, results in a projected price target of 69.4 area for brent.
There is also the Inverse head and shoulders pattern with the neckline labeled using the thick downtrend, this gives a measured move of up to 80. But take this with a grain of salt, many of these patterns may prove to be bull traps. I
Fundamentals; The IEA sees oil surplus stabilizing mid 2017 even without OPEC intervention, the OPEC deal will be huge. With the world's largest produce Russia, willing to cooperate with the Saudis and OPEC on a potential cut will be very beneficial to oil prices.
However with Iraq asking for an exemption from the OPEC deal, and various uncertainties surrounding the November deal; a failed deal will be extremely bearish for oil prices. And if does indeed be the case, the technical picture could point toa fall to 42 level or even 37 level. But price action right now says "up"
good Luck to all
triangle width, results in a projected price target of 69.4 area for brent.
There is also the Inverse head and shoulders pattern with the neckline labeled using the thick downtrend, this gives a measured move of up to 80. But take this with a grain of salt, many of these patterns may prove to be bull traps. I
Fundamentals; The IEA sees oil surplus stabilizing mid 2017 even without OPEC intervention, the OPEC deal will be huge. With the world's largest produce Russia, willing to cooperate with the Saudis and OPEC on a potential cut will be very beneficial to oil prices.
However with Iraq asking for an exemption from the OPEC deal, and various uncertainties surrounding the November deal; a failed deal will be extremely bearish for oil prices. And if does indeed be the case, the technical picture could point toa fall to 42 level or even 37 level. But price action right now says "up"
good Luck to all
