cannukville
Short

End of Week Commentary

TVC:USOIL   CFDs on WTI Crude Oil
As mentioned before, WTI Crude looks parabolic and it may continue up that path. If it continues, the parabolic path and using Fibanacci shows it should get to 62.03 which it has been reached as an intraday high but not as a daily closing price(really close). The next leg up is 74.39 which could be caused by geopolitical events(perhaps), supply shortages(government energy report surprises next week) or demand increase that has not been factored in(less likely).

On the other hand, if there is nothing that would push it up to 73, it should average at around 62 dollars and bounce around for consolidation.

The last case is, return back to the linear channel increase, depending on where the line is drawn, it could drop to 58 or so (time frame is hard to tell).

There you have it, those are just some of the educated guesses using the simple tools at our disposable. Have a great weekend everyone!
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