Like what we predict on 16th, April, 2016: "Price might test low side next week at around 41.98 to 40.75. If this price(40.75 to 41.98) can get support, then price will go up to break 45."
This week price open test the low, and it got support at the low side. Therefore, this week closed above 45.
From weekly chart, it appears another 3 white solider. Overall is still bullish. Sound like the big bullish wave has started We take partial profit from what we have bough before. We estimate that price might target toward to 49. We will ready to buy when price correction down: 3 white solider thinking logic.
I see a ugly double bottom which should give a TP @ 54. What do you think?
BMYWin
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HI, your estimation maybe correct.
Our estimation of this smile wave target might be:
Target 1: 46.3 (We take partial profit near this price)
Target 2: 48.31
Target 3: 49.75
Target 4: 51.89
Target 5: 52.56
Price Trent might recover to Retest 150 days Moving average-5% (said maybe 38.5-40) to confirm up movement, if it can stand well, then maybe will try to target 50 to 52. Market is dynamic change. Anyway, let's keeping to see the price direction. Overall right now, it maybe a bullish market.
AlexC
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Thanks for the TP guidance. Target 3 seems to match the upward breakout price target for a broadening top pattern. If we're looking for a retrace, it could happen right after the pattern is complete. Looking to short at that level back to 38.4 before going long again.
BMYWin
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If Crude Oil is in a bullish market, I would suggest go short very carefully.
AlexC
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Switching now to copper. Oil speculation is too risky.