BMYWin
Long

Challenge 365 Moving Average

FX:UKOIL   Crude Oil (Brent)
150 0 5
1st time: Brent Crude touched yearly average (365 MA) on 2016/05/18, but fail. The price get support from 10 Day MA.
2nd time: Break it on 2016/05/25, but the second day forming a reverse hammer.
Now the 3rd time come back to test 365 MA (Yearly average ) price.
The bull look like want to challenge yearly average next week.

We took partial profit from our 7/10 long position from the target reach. We still aim the target price at 51.89 and 52.56.

Bullish signal:
1. 200 MA just going up right now.
2. Stand above 5 MA and 10 MA, and current price is equal to 365 MA.
3. Drop Inventory.
4. Physical demand is still strong.
5. Weekly and monthly chart still looking positive.

Bearish signal:
1. Strong US Dollar            
2. Russia Crude Oil             Export climbing high (Production increase.)
3. Without cut product agreement in big crude oil             export countries.
4. Slow the Moving up momentum .
5. Last week price going up, but Transaction volume decrease. (Weekly chart)

Overall is still bullish .
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