Wow!- what a knock as Oil bounces from 47$ to 50.85$ on global exchange & on local exchange -MCX (Multi Commodity Exchange) from 3075 to 3288.
Previous Update - Stretching in a final wave before collapse
As per short term update in previous post- Taking stops below 47$ & looking for a bounce was the strategy which has paid well so far.
Next resistance comes at 55$ crossing that hurdle can boost slippery oil to push higher & test the resistance of 63-65$ - prior swing high & likely major hurdle to decide next set of moves in future.
It was the tripple bottom in the zone of 47-47.10$ zone where slippery oil took support & started pushing higher.
Latest News The recent push looks impulsive, which could be remarks from Oil Minister -Essam Almarzooq "Energy prices closed sharply higher as traders weighed remarks from Iran’s oil minister, who said the recent production-cut deal will probably be extended, and fighting in Libya is affecting its oil industry."
Fall from 51.88 Highs looks like we should book profits & wait for corrections to open up more to decide what is going to happen next.
Trade closed manually
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16th April2017
Closing with recent high at 53.77$ intact & going below 52.70- looking to sell.
Comments
k314
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Sir, I share similar view but with different analysis on weekly chart... Please feel free to correct me if I am wrong
k314
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@trex88, Here is another view of the symmetric triangle (drawn using symmetric triangle tool) with the dividing line acting as a strong level at $50.7
WaveTalks
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@trex88, Shapes make me biased & it is better to trade at extreme ends where chances of U-turn are more but in centre of the shape -it is difficult to tell whether it will continue upside or fall again. Price wise if oil goes below 52.70 -recent low -it is a problem but still too early to comment anything on larger scale rather I will be bit cautious as it could be early into a fall for 25-26$ if goes below 47$ recent low where it bounced sharp to 53.70$