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Libya and oil

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Libya and oil Empty Libya and oil

Post by The Absolute Zero Tue Aug 23, 2011 3:08 pm

So now that Libya is close to kinda independency, will oil spike to $4.50? Any expert opinions here?

Bittu bhai please keep away. This kinda discussion is not for you. ;-)

The Absolute Zero

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Join date : 2011-04-29

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Libya and oil Empty Re: Libya and oil

Post by Another Brick Wed Aug 24, 2011 1:25 am

here's my considered opinion.

the oil is showing reverse bear forward bullish pattern on charts. every other day, it is closing above its day before yesterday's high and then it comes down to its day's low which is much below its day before yesterday's low. we call it as reverse helicopter bear bullish pattern in England and reverse bear forward bullish pattern in the US. this is much like the pattern gold showed between 1928 and 1931. technically, oil is in bear phase which will show some spikes giving an impression that it is actually going up. caution: it may actually go up and remain bullish if it shows horizontal candle pattern every three days. but for that to happen, its 17 DMA should be greater than its 75 DMA over a year ago.

there.

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