BMYWin

Range Limbo Dance

FX:UKOIL   Crude Oil (Brent)
112 1 4
This week price hit our estimated 1st correction target and get support from previous low ( 46.97 Low of 2016/06/16), weekly closed the high side, indicate next week will test previous high 51.07 (2016/06/22). Monthly chart show a red cross, the 5 month price going up. Next week might test high side. If the test can break previous high, it forms a small W bottom, maybe it will try to test recently high at 52.83. But transaction volume is just half of normal transaction, unless transaction volume can enlarge, otherwise, the price might not easy to break 52.83. A possible development might be Range Limbo dance for a while(Maybe price trend will Forming a Triangle or box moving between 48.5 to 52.

Bullish signal:
1. 50 days Moving average get second time support.
2. 5 month price going up. Red Cross in June, seems want to take a rest.
3. BR-exit EU panic oversold sellers seems calm down.
4. Physical demand is still strong.

Bearish Signal:
1. It seems the BR-exit EU impact UK financial center position, but UK is still the key financial center at this moment.
2. Transaction volume was decreased daily, weekly, and monthly.
3. Huge Lock-in Zone transaction around 50 - 53.5 during 2015/09/01 to 2015/11/04, need some time to clean the lock-in floating position.

Overall, Moderate Bullish .
Bogdan2
7 months ago
Very good speach. Permanent objektivity. Sorry bad english )
Reply
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