300 pip rally expected in Oil

29 Jul 2016

Following the last chart I posted, we have seen what now appears to be a completed pattern in the decline, slightly exceeding the target level I gave for where I expected the intermediary lows to form.

Regardless, it now appears to me that the market is getting ready for a 300 pip (or so) corrective rally. This will be a counter-trend rally which may provide us with a great shorting opportunity once it completes.

29 Jul 2016

Dagangan aktif

Given the current candle set up. I will enter long on a break above 40.90 with a stop loss at 40.55, target towards 43.34 - 43.73 range

1 Ogo 2016

Nota

It appears that we are now in the final leg of this correction. I will be buying the dips and targeting towards 43.50.

40.86 seems to mark the end of the 2nd stage of this corrective pattern. I'm bringing previous long stops up to this now (4 pips below where I entered).

1 Ogo 2016

Dagangan ditutup: hentian tercapai

Stopped out -4 pips loss. Back to the drawing board