UKOIL Outlook
UKOIL
Yearly
bullish. we had quite low volume traded on oil last year, that led to indecisive PA throughout the year. seems like we are about to observe a big move north in oil in coming year.
Monthly
we just closed above the yearly POC with VA all the way down around 77.341. from here 2 things can happen
a. price can pull back all the way to the VA and then continue moving up
b. we can just take support from the yearly POC and continue up without a pullback.
either ways, volume will dictate our next move.
although, if we drop down to daily chart, we can see that oil seems quite extended and that it is yet to tag december's VA. it took the path laid out in aforementioned scenario (b) and just continued up taking support from yearly POC (layout 2.2)
Plan
ideally I'd like for price to pull back to the December's VA at the minimum then look for buyers to step in but here are a couple of key price zones to look out for
1. 76.82
2. 74.11
looking for buyers to step in if and when price pulls to these areas. if it doesn't and price just holds the VA of last daily candle, I'd look to continue looking for small long entries.
Yearly
bullish. we had quite low volume traded on oil last year, that led to indecisive PA throughout the year. seems like we are about to observe a big move north in oil in coming year.
Monthly
we just closed above the yearly POC with VA all the way down around 77.341. from here 2 things can happen
a. price can pull back all the way to the VA and then continue moving up
b. we can just take support from the yearly POC and continue up without a pullback.
either ways, volume will dictate our next move.
although, if we drop down to daily chart, we can see that oil seems quite extended and that it is yet to tag december's VA. it took the path laid out in aforementioned scenario (b) and just continued up taking support from yearly POC (layout 2.2)
Plan
ideally I'd like for price to pull back to the December's VA at the minimum then look for buyers to step in but here are a couple of key price zones to look out for
1. 76.82
2. 74.11
looking for buyers to step in if and when price pulls to these areas. if it doesn't and price just holds the VA of last daily candle, I'd look to continue looking for small long entries.
Note
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