Below is purely a technical analysis of price. Geopolitical issues of which there are many around oil can and may at this time play havoc with the price action.. nonetheless this below is the represents the path of least resistance.
Long term
Beautiful up trending chart. In force the last few years. Price wants to move to where the stops are ie around 87 or slightly below.. another test of this sort of level is likely from which she will face price discovery and tests to build for the new up move most likely.
http://www.flickr.com/photos/65045749@N04/5923426766/lightbox/
Medium term
Breakdown of the uptrend on the daily around 2 weeks ago. Nice rebound from over sold levels beyond the 200 day ma and so breaking the down trend catching stops. The down trend still in force as price moved up to the 50. The recent uptrend looks in danger to me with more weakness to follow most likely.
http://www.flickr.com/photos/65045749@N04/5922889305/#/photos/65045749@N04/5922889305/lightbox/
Short term
The volume based short term chart is showing great cross currents.. catching stops above and below the price action on thursday and friday’s action as price popped up into the recent range bound area and then downwards breaking the recent uptrend. This is tricky but my own bias here is pointing south due to rejection of thursday’s move and the break of up trend.
http://www.flickr.com/photos/65045749@N04/5922916011/#/photos/65045749@N04/5922916011/lightbox/
Rich
(1 votes, average: 5.00 out of 5)
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