Setup for long on Oil
It looks like a cup and handle is pattern is in the process of forming, right now we are in the consolidation portion of the handle, any break would see a rise upwards easily into the 60s..
I do not have a specific target price, but it looks quite attractive to enter at this point in time for an upward move. The recent EIA report was supposedly bearish, but looking at the production and import figures, I would say it was still borderline with the main emphasis on weak demand.
I do not have a specific target price, but it looks quite attractive to enter at this point in time for an upward move. The recent EIA report was supposedly bearish, but looking at the production and import figures, I would say it was still borderline with the main emphasis on weak demand.
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