chartwatchers
Long

OIL - Testback : Mission Completed

FX:USOIL   Crude Oil (WTI)
868 2 25
Today oil             successfully finished its testback. We couldn't break below the 100 EMA .
We rallied for the neutral oil             data. ( Just saying I'm 100% sure that Saudis are cutting)
As I'm writing this we just broke to new highs. This is the moment when trapped bears
are getting really nervous. I think we don't need too much time to test the 200 EMA at 42.50. Before that we might have a little rest at the last year December 's breakdown around 40 $ .(highlighted in blue)

I just want to prepare you for a curveball tomorrow. We might not continue the breakout but making one more red marubozu candlestick- for the 10 EMA to catch up the price - and on Friday another green one which breaks significantly above 38.40.

I tried to draw into the chart these scenarios.
1. 60% chance
2. 20% chance
3. 10% chance
great analyse! It is 2016/03/17, 7 pm, can you post some thing sharing with us what will happen in the next week? (also with scenarios) :)
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I will post my new thoughts on oil this night.
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