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Point And Figure Analysis 16.05.2008 PDF Print E-mail
Written by Administrator   
Sunday, 18 May 2008

 

First point and figure target reached what,s next in crude oil ?

 

since my last analysis on crude oil on the 15th of april we had a extremely bullish market. The first vertical count point and figure target of 125 $ was reached with last fridays close. We still have almost the same backwardation situation we had one month ago and the seasonal time window are still are in favor for crude oil. When we look at the daily point and figure chart price development we see two consecutive ascending triple tops which gave valid buy signals @ 120 $ and 127 $. This means that there is still more demand as supply in the market. When we look at the daily close only point and figure chart we see the last ascending triple top buy signal and a triple top buy signal which will be confirmed if the crude oil future closes over 126.50 $ on a daily basis. Fridays close was slightly lower as this barrier but i think the bull market in crude oil is still intact. A daily close over 126.50 $ would be extremely bullish for the upcoming weeks. My next vertical count point and figure target on crude oil is 136 $ a barrel.

  

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily High/Low

 

Daily Crude Oil P&F Chart High/Low

 

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily High/Low

 

Daily Crude Oil P&F Chart High/Low

 

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily Close

 

Daily Crude Oil P&F Chart Close

 

Crude Oil P&F Chart Boxsize 0.5 $ X 3 Daily Close

 

Daily Crude Oil P&F Chart Close

 

 

Last Updated ( Sunday, 18 May 2008 )
 
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