Oil update: still long-term bullish
Supply spike suggests short term testing, but breakout confirms overall long term uptrend
WYCKOFF STORY
OUR LONG TERM BULLISH CALL FROM 17/10 STILL STANDS WITH INITIAL $62-63 TARGET REACHED
ANTICIPATED PRICE ACCELERATION AT BREAKOUT OCCURRED ON SUPPLY SPIKE (NEWS RELATED)
WHICH STILL NEEDS TO BE TESTED, BUT SUPPLY IS LOWER THAN AT THE DRONE ATTACK (MID-SEPTEMBER)
TRENDLINE ANALYSIS SUGGESTS $67-69 AS THE NEXT TARGET
WYCKOFF STORY
OUR LONG TERM BULLISH CALL FROM 17/10 STILL STANDS WITH INITIAL $62-63 TARGET REACHED
ANTICIPATED PRICE ACCELERATION AT BREAKOUT OCCURRED ON SUPPLY SPIKE (NEWS RELATED)
WHICH STILL NEEDS TO BE TESTED, BUT SUPPLY IS LOWER THAN AT THE DRONE ATTACK (MID-SEPTEMBER)
TRENDLINE ANALYSIS SUGGESTS $67-69 AS THE NEXT TARGET
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