BMYWin
Long

A standard Triangle Development for finding new direction

FX:UKOIL   Crude Oil (Brent)
142 4 7
After 3 weeks going up from 41.59 to 51.19, last week it take a rest pull back. Pull back but still keeping above 10 days MA.
Daily: Friday close > 10MAD > 5MAD > MAD 50 > MAD20 > MAD 300 > MAD200. A short term moderate bullish signal.
Weekly: Close > MA3> MA20> MA10 > MA5 > MA50. Medium term bullish .
Transaction volume remain equal to 20 days average , but lower than previous bullish wave transaction volume . Bullish momentum is still lack of enough volume energy to push it going higher high.
Let's observe will the price lower low than last week low (48.45), or higher high than last week high(50.83)?
We guess Maybe next week will be still in a range trading for developing a standard triangle for finding new direction.

We stop our profit for our all of our long position after price drop 49.50 on 2016/08/22. We are still expecting the price can pull back a little bit lower said around 48.22 or 47.31, then maybe we will enter our long position again. But if price go up to have a higher high then last week,we might consider to have our long position again, it depends on transaction volume .
649bruno
3 months ago
Yesterday I did a chart for Light Crude, so I today wanted to see what UKOIL had to offer. Your analysis is very good. The daily chart looks okay, with some negatives on the horizon, but the one hour to four hour charts look range bound and extremely choppy. I enjoy your work. Don.
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BMYWin 649bruno
3 months ago
Thank you, Let's observe the direction of the buyer and seller.
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greenplay
3 months ago
Very nice chart and explanation. If you don't mind, could I please ask you to post a gold/GDX chart and it's possible direction. Many Thanks in advance.
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BMYWin greenplay
3 months ago
Today I am too busy to post analysis of Gold. I trade gold for around 28 years.(28 years before the gold price was around 330/oz-400/oz)
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