One of the previous analysis on Crude Oil (WTI) showed that the January 2012 decline had high chances to provide buying opportunities as the move had a corrective development (http://markettechnicalview.blogspot.com/2012/02/crude-oil-wti-technical-analysis_09.html) .
As the upper limit of the bearish channel was breached, the price moved towards the previous highs area ($103.50) rather quickly. Moreover, the good signs from Greece and the tensions in Iran lead to more bullishness.
Starting from the mid-December, the price formed an AB=CD structure and the $106.00 level could be a pivot point. In case of a reversal, the equilibrium zone is set in the 50% retracement of the previous rally, around the $101.00 area.
No comments:
Post a Comment