On the weekly chart of oil we have a strong bullish sign : 3 white soldiers.
Timewise we could have printed the intermediate cycle low 3 weeks ago.
This intermediate rally usually lasts for 7-8 weeks. (Intermediate cycle lasts for 20 weeks)
So we have a lot of time (4-5 weeks to run...)
It seems we will not test back the double bottom breakout at 34.29
I'M HEAVILY POSITIONED IN OIL , ERX (Direxion Daily Energy Bull 3x Shares) AND OTHER OIL SHARES (OAS,HK,REXX,BAS,BCEI)
Timewise we could have printed the intermediate cycle low 3 weeks ago.
This intermediate rally usually lasts for 7-8 weeks. (Intermediate cycle lasts for 20 weeks)
So we have a lot of time (4-5 weeks to run...)
It seems we will not test back the double bottom breakout at 34.29
I'M HEAVILY POSITIONED IN OIL , ERX (Direxion Daily Energy Bull 3x Shares) AND OTHER OIL SHARES (OAS,HK,REXX,BAS,BCEI)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.