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Tuesday, April 19, 2016 9:16:47 AM
Doha Bust? Now What for Oil?
By MPTrader
* April 19, 2016
Post-Doha, Oil has declined about 5.5%, from above $40 into the $38 area, just above its Feb-Apr support line, which crosses the price axis in the vicinity of 37.50 today.
Based on my pattern work, all of the action off of the Apr pullback low at $35.24 up to the Apr 13 new recovery high at $42.42, and now down to $37.50 in the aftermath of Doha, represents the initial thrust and correction of a still-incomplete, new post-Feb advance.
Barring a sustained break of the Apr 5 low, I am expecting the post-Doha weakness to end in the upcoming hours in the vicinity of $37.00, and thereafter, Oil will pivot to the upside into another upleg that projects to $45.00.
https://www.mptrader.com/middayminute/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
By MPTrader
* April 19, 2016
Post-Doha, Oil has declined about 5.5%, from above $40 into the $38 area, just above its Feb-Apr support line, which crosses the price axis in the vicinity of 37.50 today.
Based on my pattern work, all of the action off of the Apr pullback low at $35.24 up to the Apr 13 new recovery high at $42.42, and now down to $37.50 in the aftermath of Doha, represents the initial thrust and correction of a still-incomplete, new post-Feb advance.
Barring a sustained break of the Apr 5 low, I am expecting the post-Doha weakness to end in the upcoming hours in the vicinity of $37.00, and thereafter, Oil will pivot to the upside into another upleg that projects to $45.00.
https://www.mptrader.com/middayminute/
• DiscoverGold.
Click on "In reply to", for Authors past commentaries.
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Your Due Dilegence is a must!
• DiscoverGold
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