Oil Weeky: Bullish Triangle Pattern
Oil reversed lower late in 2012, most likely into a final stages of a contracting triangle in wave B position. Triangle should be structured by five legs so it seems that wave (E) is now underway, which is still incomplete. We expect test of $80 per barrel early in 2013 before market turns bullish. Critical level is at 74.
-
Comment by FXTrader on January 3, 2013 at 9:03pm -
we're going to 60.00
-
Comment by Gregor Horvat on January 4, 2013 at 8:33am -
Hi, thx for comment. If I see daily close beneath 74.00 then we will have same targets. Until then its better to stick with trend since 2009-higher lows.
Comment
© 2013 Created by FXstreet.
You need to be a member of FXstreet.com Forex Social Network to add comments!
Join FXstreet.com Forex Social Network