Will 2016 be the year of Oil and manage to recover some of the losses Crude suffered during the last two years?
Since I've posted here this weekly Bat pattern in CL, the price rallied and reached target 1.
It created a False Break inside the small structure zone that was created inside the PRZ and now about to re-test this zone again.. perhaps a Kiss Of Life scenario
If the price will rally from the 40$-44$ zone, it'll easily pass the Fast SMA line (weekly) and therefore the first target will be the 50 weeks SMA line, near 50$. That's an impressive rally in itself... but..
If what we are seeing is a weekly reversal in Crude, 2016 could turn out to be the year of Oil as secondary target waits near 80$ .. and that's a huge potential rally in energy.
Tomer, The MarketZone
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Since I've posted here this weekly Bat pattern in CL, the price rallied and reached target 1.
It created a False Break inside the small structure zone that was created inside the PRZ and now about to re-test this zone again.. perhaps a Kiss Of Life scenario
If the price will rally from the 40$-44$ zone, it'll easily pass the Fast SMA line (weekly) and therefore the first target will be the 50 weeks SMA line, near 50$. That's an impressive rally in itself... but..
If what we are seeing is a weekly reversal in Crude, 2016 could turn out to be the year of Oil as secondary target waits near 80$ .. and that's a huge potential rally in energy.
Tomer, The MarketZone
Follow me on TradingView
Subscribe to my newsletters - goo.gl/R3gPVE
Follow my blog - goo.gl/78KZsl
Subscribe to my Youtube channel - goo.gl/q8dbyT
Weekly Pattern still in play - Read more goo.gl/TFUjbZ