Oil is in progress of wave B up and 120 is the target for this or next week. To trigger more short covering, we will have to break above the 110 resistance, which is only a matter of time. The 57 Dollar down move will be retraced by a 50% or even 62%. Compared to all other prior corrective waves, this one has much more momentum and still it's only a corrective wave. Expect resistance around 110 for this week with a probability to break to the upside late this or early next week. We have an overall correlation with a weaker dollar and stronger hard commodities going forward.
Monday, September 22, 2008
OIL (Nov) technical outlook for week 22nd Sept.
Oil is in progress of wave B up and 120 is the target for this or next week. To trigger more short covering, we will have to break above the 110 resistance, which is only a matter of time. The 57 Dollar down move will be retraced by a 50% or even 62%. Compared to all other prior corrective waves, this one has much more momentum and still it's only a corrective wave. Expect resistance around 110 for this week with a probability to break to the upside late this or early next week. We have an overall correlation with a weaker dollar and stronger hard commodities going forward.
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