Oil in multi year Re-Accumulation.
harmonic completed, into 3 higher lows, holding the 200 week SMA as support after faking out a breakdown. Macd showing bullish divergence.
possible catalysts :
Middle east conflict.
Donald Trump getting into office, claimed he will refill the SPR.
Or just plain old Inflation.
maybe all three.
Typical conservative target is the 618 fib, then the 786 and 886.
assuming a perfect storm were looking at oil breaking to new highs.
possible catalysts :
Middle east conflict.
Donald Trump getting into office, claimed he will refill the SPR.
Or just plain old Inflation.
maybe all three.
Typical conservative target is the 618 fib, then the 786 and 886.
assuming a perfect storm were looking at oil breaking to new highs.
Note
Now trading above the 200 week SMA.
This entry is good to hold for years, you could trade around it but thats optional.
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