chances for cyclic double bottom it has properly broken the sideways
which did not go for retracement
so we can expect it to go to the area marked over there
refer chart for details
Wticrudeoil
Bullish AB=CD Pattern on USOILBullish AB=CD Pattern on USOIL and MACD on bullish crossover on bearish trend.
Trade:
Buy above - 44.40
Target 1 - 44.93
Target 2 - 45.44
Stop Loss - 43.90
Short Oil short term for target of 49.40Oil is showing signs of exhaustion on 30 mins chart at current levels of 50.13.
Trendline break plus negative divergence on RSI makes it a good short term short bet for target of 49.40.
Keep strict stop loss @ 50.55
Crudeoil - Long BetCL1! has been trading in rising channel pattern. The prices have tested the lower band and moving northwards. The minor hurdle (black dashed line) at $46.50 if cleared by Bulls (on closing), we might head towards $54-58.
