Hi friends
the weekly chart of this market shows that it will know with a high probability after the breakdown at 41.19 level that the next target is 22.65
therefore in the medium term there would be a downward trend
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Previous drop was devastating, but based on a remarkable Diametric pattern, the correction phase for OIL may not be over yet.
If this pattern holds true something similar to drawn projection should happen.
On the other hand we have 36 level as an obvious PA support (next one is 26). It is still untested after the break and we can expect OIL to be supported at...
On daily charts, I can see any number of head and shoulder formations incudling on the ETFs
The monthly WTIC chart is looking like.... the last gasps of a dying industry? Is that possible?
I can see how commodities in general will rally in the medium term. The oil chart however says this is a secular decline....
I am short the oil sector till I will no longer be...
Market seems to have broken key level @43.57 confirming buy entry to @48.23. remember everything is a probability. One is never wrong. If market drops past @42.09 then only will i consider selling. Market structure. always think either/or
XLE (US Energy Sectors) increase 3.19% second best to Finance Sector (XLF +3.44%)
XLE chart appear to be at support. Last friday rally is the best since 9 June sell-off.
BRENT retesting Resistance numerous time.
Is O&G related stock ready to move ?
Stock to watch SerbaDK, Dialog, Hibiscus ?
SHORT: Target is 40$ (BZ1!)
However:
The current wave (IV) is the next-to-last wave in general downtrend/correction since July 2008 (on monthly timeframe). Upon completion of last (I)-(V) out of last {C} the trend will change and the targets will be (80$ and then 140$)
Here it means that either (IV) or the last wave (V) will be complicated.
In other words:
If...
