Oil, correlated with most commodities, will most likely drop to its support of 52 in the coming months.
The price crossed down a shoulder-head-shoulder at the end of last month. Now it is below its support of 61 and crossing down the MM70 on the weekly chart. The price should fall to the MM210 level in the coming months.
This is correlated with the uptrend of the dollar and stocks in the medium term, as well as the downtrend of the euro and commodities, in the medium term.
We will be averaging down to the market price.
Enter: sell market price, 60.9
Stop: 64 (0.3% loss)
Profit: 52 (70%), -50 (30%)
Ratio R/B: approx. 1/3.1
Horizon: 4 months
The price crossed down a shoulder-head-shoulder at the end of last month. Now it is below its support of 61 and crossing down the MM70 on the weekly chart. The price should fall to the MM210 level in the coming months.
This is correlated with the uptrend of the dollar and stocks in the medium term, as well as the downtrend of the euro and commodities, in the medium term.
We will be averaging down to the market price.
Enter: sell market price, 60.9
Stop: 64 (0.3% loss)
Profit: 52 (70%), -50 (30%)
Ratio R/B: approx. 1/3.1
Horizon: 4 months
