Friday, March 16, 2012

Oil Update

The above chart of Oil is a weekly chart outlining the entire bull market since 2009. First box outlines a 54 pt upside move. Projecting that into the 2nd outlined box yields an upside target of 121.

Short term ranges as outlined in the next smaller box, marks the breakout move in Oil from October 2011 into the new year of approximately 28 pts. Last outlined box with same 28 pt range projects a price target of 120.

Thus a large part of my projecting of 120-121 in Oil prices going forward before any significant pullback in prices. Going forward 103 level should come in as good near term support for this move.