World Search Consultancy
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|Posted on October 20, 2016 at 3:00 PM|
Oil on the Verge. The trend on the price of oil has been largely neutral for the past year in what appears to be a bottoming trend, and we think the trend would be confirmed as bullish if the oil price was to clearly close above the $52 level. Oil has topped out in the $50–$52 area three times over the past year, so we believe a breakout above that level would be a significant change from the stalling and struggle we have witnessed for quite some time. We think, on a technical basis, such a breakout would generate a target to the $75 area, and obviously would have major implications for energy-related investments and the market as a whole. The breakout hasn’t happened yet, and we think it would really need to close more than a few cents over $52 to be valid, but the recent strength has increased the likelihood a breakout may be coming, in our opinion. The next week or two will likely provide us with the answer. RBC Update Dickey Charts October 20 2016.
Categories: Chemical Update 2016