Mind you it's just moving to Padd 3 etc. but it is still the futures delivery point.
Showing posts from March, 2014
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Long overdue, the 2 year long consolidation by Brent may have completed Thursday morning. If so upside potential is very significant. The triangle formation allows a fairly easy and early buy signal on an upside breakout; Weekly click to enlarge Note the classic false break to the downside followed by the reversal..(can be seen more easily on the daily chart below). Weekly click to enlarge As you can see the 50% reversal of the entire plunge down from 128.40 to 88.49 is the immediate resistance around 108.44, and once above that hurdle Brent will likely test the .618 retrace area around 113.15, about where the downward sloping trendline hits on the weekly chart. Daily click on charts to enlarge Note that 108.44 is also a 200 d MA point. The really interesting question is: what are the upside targets when Brent breaks to the upside? If it were to exceed the 113 area the high from 2012, 128.40, would certainly come into the sights, and a double top at 140 cann