Wednesday, 19 June 2013

WTI OIL, new high

Hi Traders,

On my post on May 23rd the OIL was expected to reach the area 91.82-92.21. It reached 91.26 and bounced back as expected.

After that low, it started a rally in 5 waves, 2 of them completed already and  the 3rd one seems on its way to the area 103.31-104.


4-hour chart: area 100.11-101.06
daily chart: area: 101.62-102.05 and 103.36-103.73
weekly chart: area 103.31-104.00 and area 108.39-109.08


Theoretically the OIL is moving within a symmetric triangle - see monhtly chart. This time we may see a breakout of the upper boundary ... whatever Ben Bernanke is going to say. 

Monthly chart - click to enlarge

Weekly chart - click to enlarge

Daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge

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