OIL: Week 41 Outlook
Another commodity affected by the geopolitical climate is Oil. We have seen 13 consecutive negative days in the Oil market until Friday’s bullish close +1.34%. Needless to say, we still have a saw a negative close on the week down -5.68% at $53.05. We are watching the geopolitical environment as BREXIT and the U.S. - China Trade War way in on the Oil market. In addition, with the latest news of the U.S. pulling out of Syria and handing the keys to Turkey, this may stir some volatility into Middle Eastern markets, which will affect Oil for sure.
Evaluating the technicals, we see an interesting move here on Oil. On Friday’s close we have now an official Triple Touch Pattern showing that price has failed to break below the $50.00 area in June, August, and October! If we don’t see a forced move in the Oil market or a jarring event, we expect it to rally higher to complete the triple bottom pattern.
THE PLAY: We are buying Oil at the break and close above $53.50
Evaluating the technicals, we see an interesting move here on Oil. On Friday’s close we have now an official Triple Touch Pattern showing that price has failed to break below the $50.00 area in June, August, and October! If we don’t see a forced move in the Oil market or a jarring event, we expect it to rally higher to complete the triple bottom pattern.
THE PLAY: We are buying Oil at the break and close above $53.50
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