TRDVMA

BRENT OIL UPDATE

FX:UKOIL   Crude Oil (Brent)
315 0 3
Oil             prices reached a crucial Point of 37 dollar range as I have predicted a long time ago almost at the very beginning of this Bull move from the end of the fifth wave (indicated in cyan on chart). Now we have a nice ABC formation and the price hit the very strong Resistance zone (green box above). I expect the price to go down from this point. I cannot give you a timing. The price will either spend some time around the 36-38 dollar band and will eventually exhaust itself and it will go back down. This scenario is the most likely one IMHO. This scenario also coincides with the USDCAD             pair bounce-back. Time to consider the bulls in this pair. Shorting Oil             could be premature at this point. Wait for a strong signal into the Bear zone. Good Trades and Luck.
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