Two things have happened :-
1. Cut in oil production ( even if only for short term )
2. Fed Hike - Bullish Dollar
From the lows of 28 to currently at 55 -- Crude has still enough strength left to go higher towards 67 - 70 by April 2017.
Crude now in Wave c after breaking the upper resistance of 52 -- lets wait ...
Inverse head and shoulder pettern that broke out in november last year. After it broke out it retested the breakout line and managed to hold it.
Long: above 58,25
Timeframe 4-5 months
Continuation from previous post, and adopting @pipizer feedback in the comments:
1. The past few days has saw a drop in the price mainly due to reports on OPEC output in October reached an all-time high. This lead to a further decrease which finally complete the Cypher Pattern.
2. A reversal candle (hammer) was ...
My first trading idea, here to learn from the experts, please give feedback on this idea.
Several Signals I have identified:
1. Cypher Pattern has confirmed potential reversal zone
2. A support level at 45.48 area is forming
3. Still in an long term upward trend
4. Catalyst moving it up would rely on upcoming OPEC ...
Price always jumps up at $46 level like last month so same will probably happen again the TL keeps on being tested so this downtrend may be seeing resistance, Both EMA's are well below price at the moment.
Crude is in a critical junction. It will take some time for oil to develop a good support line before it can go up. Think it is a very good time ti buy and hold it for several months to gain some good profit. Once it comes out from the triangle pattern and the RED COTTED lines and BLUE SOLID line RESISTANCEs it ...