Another one chance to bounce for UKIOL to 64 / WTI to 58

After settling options and futures in Brent and removing all the ambiguous oil moves due to expiration, there is a new chance for oil to come back up to 64+ UKOIL/Brent. the target should be reached before the expiration (a tall rectangular at the right of the chart). it could also go back to 72, but half way first

Note, that It is risky or might be premature with the CLEAR target for WTI at 50 to be broken.

Note

Above 58 Brent will give a solid long!

Note

s3.amazonaws.com/tradingview/snapshots/g/GcZejxnX.png
expecting a move like this at first

Note

WTI broke the 50 mark as was expected (see initial description). at the same time the idea of going back to 64+ (mid of blue channel) or even 72 (top of blue channel) UKOIL still remains. it will be Activated back by entering the channel (reaching 58 by brent)

Note

There is a big chance for WTI breaking 49
s3.amazonaws.com/tradingview/snapshots/5/5039utLU.png
in order to obunce back up we need to close and stay above lime line
s3.amazonaws.com/tradingview/snapshots/7/7lHb8P7S.png

Note

two things are being confirmed:
1.don't look for a bottom
2.don't catch the knife
3. And as of today Feb.6 Asia open we can declare change in tendency

this makes it 3 thing and the 4th - we are back to the idea of a bounce

NYNick

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NYNick