2 months ago, (2016/03/07) we draw a chart indicating maybe Brent Crude Oil Price will smile and smile.
Crude oil might follow after gold to have a big U smile curve.
Now Brent Crude Oil build a bigger smile cruve, maybe we can said that Brent Crude is now in the process turning bearish into bullish market.
Since July of 2014 bearish control the market, it might attack the price again.
If this price, 36-37(end price of first smile curve), does not break by bearish, then price might trading in the range between 38 +- 5% to 52 +-5% in the coming month.
Bullish Sign:
1. Weekly and Monthly chart appear 3 white solider candle. (Weekly chart has built 2nd 4 white solider chart. Monthly chart has just built 1st 3 white solider chart)
2. Major stock index higher high.
3. Commodities Index higher high
4. Crude Oil Physical demand is coming back
Bearish Sign:
1. Key OPEC members does not reach agreement to cut production.
2. Iran, and Russia's production are still going high.
3. 200, and 300 days Moving Average is still going down
We take profit of our 90% long position while price hit our key target. We are ready to go long while price correction down.
Overall Brent is still bullish.
Crude oil might follow after gold to have a big U smile curve.
Now Brent Crude Oil build a bigger smile cruve, maybe we can said that Brent Crude is now in the process turning bearish into bullish market.
Since July of 2014 bearish control the market, it might attack the price again.
If this price, 36-37(end price of first smile curve), does not break by bearish, then price might trading in the range between 38 +- 5% to 52 +-5% in the coming month.
Bullish Sign:
1. Weekly and Monthly chart appear 3 white solider candle. (Weekly chart has built 2nd 4 white solider chart. Monthly chart has just built 1st 3 white solider chart)
2. Major stock index higher high.
3. Commodities Index higher high
4. Crude Oil Physical demand is coming back
Bearish Sign:
1. Key OPEC members does not reach agreement to cut production.
2. Iran, and Russia's production are still going high.
3. 200, and 300 days Moving Average is still going down
We take profit of our 90% long position while price hit our key target. We are ready to go long while price correction down.
Overall Brent is still bullish.