Short term expectations from Oil
Previous breaks of the EMA231 through key fib levels have shown pull backs in price required before continuing the upward trend. I expect a break through of the EMA7 of the EMA77, signalling a shorting opportunity to previous supports before a bounce, I am looking for a candle to touch the still climbing EMA231 before a reversal and a long term buy opportunity.
If a break through by the EMA7 of the EMA231 continue signals a stronger reversal, looking for the EMA77 to bounce off the EMA231, EMA77 breaking the EMA231 signals the end of the bullish trend and negates this analysis.
Long term bullish trend shows next key level (both harmonic fib and psychological) to be around the $60, expectation is this level will be achieved in 2017 if trends hold.
Previous breakdown shows support from the EMA231, this holds in uptrend so does the long term bull, any breaks signal a change in the tide.
If a break through by the EMA7 of the EMA231 continue signals a stronger reversal, looking for the EMA77 to bounce off the EMA231, EMA77 breaking the EMA231 signals the end of the bullish trend and negates this analysis.
Long term bullish trend shows next key level (both harmonic fib and psychological) to be around the $60, expectation is this level will be achieved in 2017 if trends hold.
Previous breakdown shows support from the EMA231, this holds in uptrend so does the long term bull, any breaks signal a change in the tide.