Long term veiw on oil
The last few sessions and even the last week has seen oil slow down from its rally it's had after bouncing off resistance at it's bottom. I posted an idea a few days ago about a short term bearish view on oil, i still think thats valid but my long term view is that of a bullish one. Its easy to see the bounce off of the long term trend line and quickly rally back up. It looks to me as if we are trading in a box range which is really good for gaining price targets and stop losses. According to our ADX it also would appear that the old trend has slowed a little and would expect it to decrease. Further more we have a small hammer followed by a large bullish engulfing pattern monstering the previous 3 months. So i would put my price target at a little over $100 and my stop around the $40 area. Let me know what you think.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.