Oil Futures for Oct 15 & 16th 2018.
Following the cup&handle on the 15min and hourly charts, we have a confirmed breakout upon the gapup in foreign markets Sunday night.
US market opening price should find support at the top of the cup around 72, and complete its run to the PT of 73.30.
This lines up with the downtrend started on Oct 3rd (light blue), as well as the origin ray of the fib speed resistance fan over 10months (grey line). At this point, we will see significant resistance and a continuation of the sharp downtrend
Following the cup&handle on the 15min and hourly charts, we have a confirmed breakout upon the gapup in foreign markets Sunday night.
US market opening price should find support at the top of the cup around 72, and complete its run to the PT of 73.30.
This lines up with the downtrend started on Oct 3rd (light blue), as well as the origin ray of the fib speed resistance fan over 10months (grey line). At this point, we will see significant resistance and a continuation of the sharp downtrend
Comment:
Consolidation dragging out into 10/16. Low point of handle has NOT been broken prior to reversal. Suggesting that 73.20 is still a viable PT