World Search Consultancy
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|Posted on October 9, 2016 at 12:43 PM|
Oil on the Line. The trend on oil has been moving up over the past several weeks and is now up to what we believe is the critical resistance area of 50–51 that has been the high area for the past year. If oil were able to clearly break through the 51 level, the technical measure would be up to a target of 75. At this time, we would say the likelihood of a breakout is good, as the pattern of the past year appears to be that of a long bottoming range that may have longer-term bullish implications if the breakout happens. Many oil-related stocks also have similar trends in that they are generally at the high end of their ranges of the past year. So, while a breakout and rally is not certain, we think the recent action demands more attention by holders and prospective buyers of energy-related investments, with an answer to the breakout possibility likely over the next two weeks.
Categories: Chemical Update 2016