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Wednesday, August 17, 2016 9:31:40 AM
By MPTrader
* August 16, 2016
Look! Oil has climbed above its June-Aug resistance line at $46.10, and at today's high of $46.46, has climbed 19% off of its Aug 3 corrective low of $39.19.
More importantly perhaps, is that the structure of the Aug upmove exhibits bullish form, which "warns" us that the strength represents the initiation of a new advance within the larger intermediate-term recovery from the Feb low at $26.05, and projects to a minimum upside target of $55.00 in the weeks ahead.
Any forthcoming "digestion weakness" should find strong support at $44.60 to $43.20 prior to a resumption of the move to $55.
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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