Calling A Bottom In Oil And Expecting A Move To 48-50$

Alexandros Yfantis • Jun 27, 2017 at 4:45 AM EDT

Oil prices have provided enough signs that an important low is in and that we should expect this reversal to unfold into a bigger move higher. Key short-term resistance is found at 44$. Breaking above it will confirm my view that the low is in.

I believe that Oil prices have provided enough signs that an important low is in and that we should expect this reversal to unfold into a bigger move higher. Key short-term resistance is found at 44$. Breaking above it will confirm my view that the low is in. Price is trading still below the Ichimoku cloud in the 4 hour chart but the form the of the latest rise is telling me something new has started.

(Click on image to enlarge)

The Daily chart however is more convincing that a new uptrend has started.

(Click on image to enlarge)

With first target at 48.60$ and next at the blue downward sloping trend line, I’m very confident we have started at least another strong bounce similar to the ones that occurred in April and May.

Disclaimer:

All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website.Nor are they making recommendations with respect to the advisability of investing in, purchasing or selling securities, nor are they rendering any advice on the basis of the specific investment situation of any particular person or organization. All information on this website is strictly informational and not to be construed as advocating, promoting or advertising registered or unregistered investments of any kind whatsoever.The sole purpose of the contents of this website, and any oral or written presentation in any way referring to or relating to this website, is to provide information which could possibly be used by a person in discussions with his/her/its investment advisors and/or investment decision makers.

Trading2day.com (hereinafter T2D) is not an investment firm, and its employees, agents or representatives are not acting as investment advisors. The investment information, including (without limitation) any investment suggestions, provided on this website are not a substitute for the advice of an investment advisor.T2D is not responsible for the accuracy of any information on this website or for reviewing the contents of the listings that are provided by the listees or any linked websites, and T2D is not responsible for any material or information contained in the linked websites or provided by listees. You should make your own independent investigation and evaluation of any possible investment or investment advice being considered.
The information provided on this website is not guaranteed to be correct, complete, or current. T2D makes no warranty, express or implied, about the accuracy or reliability of the information on this website or at any other website to which this site is linked. If you use any links to other websites, you do so at your own risk. T2D is not responsible for the contents or availability of any linked websites. These links are provided only as a convenience to you.

Any information that you send us in an e-mail message is not confidential or privileged, and T2D may use any information provided to us for any legal purpose.

T2D is not responsible for any loss, injury, claim, liability, or damage related to your use of this website or any website linked to this website, whether from errors or omissions in the content of our website or any other linked websites, from the website being down or from any other use of the website. Your use of the site is at your own risk. Day trading, short term trading, Options Trading, and Futures Trading are extremely risky undertakings. They generally are not appropriate for someone with limited capital, little or no trading experience, and/or low risk tolerance. Never execute a trade unless you can afford, and are prepared to, lose your entire investment.All trading operations involve serious risks, and you can lose your entire investment. Always perform your own due diligence and make informed decisions with the help of a licensed financial professional. We make no warranties or guarantees as to our accuracy, the profitability of any trades which are discussed, or any other guarantees or warranties of any kind.