Calling A Bottom In Oil And Expecting A Move To 48-50$

I believe that Oil prices have provided enough signs that an important low is in and that we should expect this reversal to unfold into a bigger move higher. Key short-term resistance is found at 44$. Breaking above it will confirm my view that the low is in. Price is trading still below the Ichimoku cloud in the 4 hour chart but the form the of the latest rise is telling me something new has started.

(Click on image to enlarge)

 The Daily chart however is more convincing that a new uptrend has started.

(Click on image to enlarge)

With first target at 48.60$ and next at the blue downward sloping trend line, I’m very confident we have started at least another strong bounce similar to the ones that occurred in April and May. 

Disclaimer: All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website.Nor ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.