UKOIL
Folks, look at this chart, daily price action has been in an uptrend since January 2016, moving steadily within range above the blue trend line. On occasions it would retreat from that range only to test the blue trend line and reverse upwards. It happened in August, then in late November and now the previous sessions. Notice the pattern here ? Call it a conspiracy but the downs moves have always happened a week before the US FED interest rate policy announcements. Should oil rebound after next week's interest rate announcement, look to see it retest the $57.50 level followed by a break out. Supporting this action would be a weakening USD dollar against most cross pairs. Take out the popcorn bowl.
UKOIL
Folks, look at this chart, daily price action has been in an uptrend since January 2016, moving steadily within range above the blue trend line. On occasions it would retreat from that range only to test the blue trend line and reverse upwards. It happened in August, then in late November and now the previous sessions. Notice the pattern here ? Call it a conspiracy but the downs moves have always happened a week before the US FED interest rate policy announcements. Should oil rebound after next week's interest rate announcement, look to see it retest the $57.50 level followed by a break out. Supporting this action would be a weakening USD dollar against most cross pairs. Take out the popcorn bowl.