Sunday, 12 May 2013

WTI OIL, are you in?


Hi Traders,


The OIL - now at 95.91 - started the nice rally that I predicted last week.


I also predicted a pull back to the area 94.83-94.56 before starting the new uptrend.

It did it religiously - slightly below, to level 93.37 - before staging a nice reversal candlestick (hammer).

Still, be careful as it could bounce back again to the area 94.45-95.05 which  could be a good entry area.

TARGETS:

Likely: 97.68-98.22 and 100.38-100.67
Possible: 101.97
Maybe: 103.40-104.00

SETUP: 


In the weekly chart below, after the a-b-c (in red), the Oil performed 4 waves up and its now building the 5th one up.









The daily chart below shows that the Oil performed 4 waves up already (out of 5).

Note that it touched the top trend line 3 times. This time it should go trough it as it completed wave 4 (downward) with a nice hammer candlestick.






Expect the target in the area 97.68-98.22 to perform (all or part of) wave 5 as indicated in the 4-hour chart below but it could rally further up to 100.38-100.67.


ENTRY POINT:

Possibly, entry in the area 94.45-95.05. 








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