Monday, 21 August 2017

OIL flexing the muscles

Hi Traders,

WTI OIL (now at 48.65) is sitting on an important support/resistance. After a small drop to $48, it should move to a much higher ground. It could hit $61 soon and maybe $66-$68. Gann analysis suggests a final target of $75.


The weekly chart shows OIL is staging 3 major waves up. Wave 2 is complete and wave 3 just started.

The daily and 4-hour charts reveal that we just started minor wave 5, maybe to 51.65. The 1-hour chart shows the completion of wave 4 and the start of wave 5.

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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