UK oil 2017: week5
Well last week went for the majority as I expected however on friday the price forgot to lift of to my target area of 60.
As it became clear we are still really stuck in the triangle (see yellow lines). We will have to wait which side we break. One way to look at it is to look at the volumes over the last period.
You can see that the price did not move that much but in terms of volume the interest were bigger when the price went down. This can be visualized in the OBV indicator.
Expect a break out of the triangle this coming week. Gradually a picture is emerging that seems to suggest we really needs to fresh news / re-inforcements for a new push to the upside.
As it became clear we are still really stuck in the triangle (see yellow lines). We will have to wait which side we break. One way to look at it is to look at the volumes over the last period.
You can see that the price did not move that much but in terms of volume the interest were bigger when the price went down. This can be visualized in the OBV indicator.
Expect a break out of the triangle this coming week. Gradually a picture is emerging that seems to suggest we really needs to fresh news / re-inforcements for a new push to the upside.
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