Despite the gloomy oil industry news overnight BP didn't shift from its current low. For the past 20 years it has been range bound in a sideways channel which it dipped below on the 20th March. Historically a dip outside the channel has lead to 50% increases to the median line in an ascending channel zig-zag pattern. It has retraced 50% from its 2nd April local high and remains in the channel.
But is this normal times? What will drive the demand for oil to get dig it out this time?
I'm looking at around 430.00 for a take profit by September this year or get stopped out in the very near term and re-assess.
But is this normal times? What will drive the demand for oil to get dig it out this time?
I'm looking at around 430.00 for a take profit by September this year or get stopped out in the very near term and re-assess.