USOIL WTI broke out of the descending channel on the upside early September. It retested downside later in September but it bounced off 3 strong daily moving averages (50SMA/50EMA/100SMA). From this moment, WTI just took off and went first to 76.65 From here, oil tested downside and a beautiful reversed and and shoulders formed, hereafter oil took off to 79.50. Later it tested downside, found support at 75, formed a decent lower wick that shows strength and again it took off, now to 82.
This move can be caught in a nice uptrend channel.
Now we are in +80 levels, and again we see a nice inversed head and shoulders being formed. The <80 level got rejected 3 times, we made a new long time high above 82, we are in a bull trend, energy prices are soaring world wide.
Plenty of bull arguments.
Downside (or sideways) is always possible but it's my believe we will soon liftoff again and test 83-85 range.
This move can be caught in a nice uptrend channel.
Now we are in +80 levels, and again we see a nice inversed head and shoulders being formed. The <80 level got rejected 3 times, we made a new long time high above 82, we are in a bull trend, energy prices are soaring world wide.
Plenty of bull arguments.
Downside (or sideways) is always possible but it's my believe we will soon liftoff again and test 83-85 range.