TRDVMA

Possible Scenario for Brent Oil

FX:UKOIL   CFDs on Crude Oil (Brent)
1221 1 10
So far our analysis holds for the oil             . Our projection area holds. The fundamentals of oil             are weak (http://oilprice.com/Energy/Energy-General/This-Week-In-Energy-Top-4-Reasons-Oil-Prices-Are-Heading-Back-Down.html) and we are watching a breakout at current levels (dotted yellow line). The thrust can easily turn into a 3rd wave down, Impact on oil             dependent currencies like USDCAD             , which will push USD higher. Also the referendum in Greece on Sunday is important for USD behavior. We are currently bearish on Oil             and Canadian dollar             .
Beware! Oil is reaching an important Resistance and we already have enough expansion on the 3rd way. I expect end of 3rd and a bounce back on Oil for the 4th.
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