Last week we estimated correction might target at 42.74 to 44.05, and we execute our planned to have another long position when price near the target we estimated. The trend looks like want to challenge the Neckline (48.10-48.30). This price is a big pressure during the two time frame :2015/1/20 - 2015/1/29 and 2015/10/28-2015/11/09.
Currently bullish signal will be:
1. 5 days MA cross above 10 days MA.
2. Testing 30 MA but fail to penetrate it.
3. 50 days MA cross above 200 days MA (Golden Cross)
4. Shortage supply from Pipeline Leak from Nigeria, and wildfire in Canada.
5. Strong demand from India and China.
Currently Bearish signal will be:
1. 200 days and 300 days MA is still going down.
2. Do not reach an agreement to cut product between big players.
3. Price increased sharply from 27.08 at around 77%
4. Saudi Arabia replace their minister of Energy, and Moody's downgrades Saudi Arabia credit rating on low oil price
Overall the trend is still bullish.
Currently bullish signal will be:
1. 5 days MA cross above 10 days MA.
2. Testing 30 MA but fail to penetrate it.
3. 50 days MA cross above 200 days MA (Golden Cross)
4. Shortage supply from Pipeline Leak from Nigeria, and wildfire in Canada.
5. Strong demand from India and China.
Currently Bearish signal will be:
1. 200 days and 300 days MA is still going down.
2. Do not reach an agreement to cut product between big players.
3. Price increased sharply from 27.08 at around 77%
4. Saudi Arabia replace their minister of Energy, and Moody's downgrades Saudi Arabia credit rating on low oil price
Overall the trend is still bullish.