For the month of September Oil has been trading in the range of $43 to $48. What would be best right now is to wait for a clear trend confirmation, which would mean that Oil has to break either one of these levels.
Chart: D1 USOil
Wednesday, September 23, 2015
Has Oil Bottomed?
Oil has been returning back to its previous highs. Since 8/27/2015 Oil has been swinging madly losing and gaining 3%, 5% and even 10% on a daily basis. The direction is still uncertain and we might be in the last third of the move, which according to some experts is the hardest part of a move to trade.
For the month of September Oil has been trading in the range of $43 to $48. What would be best right now is to wait for a clear trend confirmation, which would mean that Oil has to break either one of these levels.
Chart: D1 USOil
For the month of September Oil has been trading in the range of $43 to $48. What would be best right now is to wait for a clear trend confirmation, which would mean that Oil has to break either one of these levels.
Chart: D1 USOil
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Good point! Thanks for sharing your view.
ReplyDeleteConsolidation continues for now.
ReplyDeleteLooks like it!
ReplyDeleteUncertain situation.
ReplyDeleteGreat analysis.
ReplyDeleteVery useful analysis.
ReplyDeleteConsolidating around 45.00.
ReplyDelete