4xForecaster
Long

Bullish; Nearing Top? | $Oil $WTIC $UKOil #crudeoil

FX:USOIL   CFDs on Crude Oil (WTI)
444 1 2
Friends,

Oil             has been in the spotlight of late, and further geopolitical game developments are sure to give it further lift. Question is how far, how high?

Our predictive analysis and forecasting system suggests a potential (shallow) retracement as price maintains a pace that promises higher highs. In the short term, a support exists at the 101.47/101.93 range, representing the medium of a momental median, although a psychological and structural support awaits down below at an even 100.00 zone.

In any case, the outlook remains bullish for the time being as our system indicates further headroom by defining three targets in decreasing order of probability, namely:

1 - TG-1 = 106.41 - 04 MAR 14: Green, or high probability

2 - TG-2 = 110.65 - 04 MAR 14: Yellow, or intermediate probability

3 - TG-Hi = 112.53 - 04 MAR 14: Red, or low probability


OVERALL:

Bullish trend remains in force; shallow interim retracement with soft support in 101.47/101.93 range vs. structural support at a psychological 100; bullish target cap expected ascent; expect significant retracement (speculative greyed value at 101.86).

See recent succesful forecasting:

1 - MSFT:
-

2 - GOOG:
-

Cheers,


David Alcindor
TradingView.com Moderator, Alias: 4xForecaster
Predictive Analysis & Market Forecasting


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Disclaimer: Forecasts, analyses and directional opinions generated herein are for educational purposes only and are not trading recommendations. We trust that you will do your own due diligence first, then seek professional advice from a licensed professional, then enter the market at your own perils - David Alcindor - TradingView.com Alias: 4xForecaster
David Alcindor
Alias: 4xForecaster

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05 MAR 2014 - Update:

As you may recall, above analysis defined a "soft" reversal zone (pink in the chart), starting at 101.93. Current 4-hour candle just posted 101.91, thus testing that potential reversal zone for the first time.

Look for increased volume activity and bullish pinbars indicative of consistent and forceful pushback from supportive bulls within that range. A break below, close below that range would negate that reversal zone and should prompt consideration of a harder potential reversal line, corresponding to the structure at 101.01.

Cheers,

David
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