Wave of Correction
2016/09/28 OPEC agreed modest oil output cuts in the first such deal since 2008, then price modest climbing up to the price of 52.82 which it is almost equal to previous high: 52.83 on 2016/06/09. This climbing up lasting around 7 days.
If this is a new up wave from the low of 45.07 on 2016/09/20, to the high of 52.82 on 2016/10/07, then a correction might be target at:
1. 51.20
2. 49.86
even target to around 48.50 to 49.00
We profit taking all of our long position, and we would like to consider to go go long if price reach our estimated correction target. Or if price close higher 52.83, we will go long again.
If this is a new up wave from the low of 45.07 on 2016/09/20, to the high of 52.82 on 2016/10/07, then a correction might be target at:
1. 51.20
2. 49.86
even target to around 48.50 to 49.00
We profit taking all of our long position, and we would like to consider to go go long if price reach our estimated correction target. Or if price close higher 52.83, we will go long again.
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