Disliked#1 target for oils was 108.92
#2 is 105.69
we slipped below #1 (low 107.84) a bunch.. we didn't retrace yet after a "out of normal range drop". i got 7 red candles on the 4 h in a row. 7 in row is out of the norm..below/above 7 and its time to look for a retrace of some type. below 103.47 ect. its time to take a good look at usd.
96.71 .............oil nymexIgnored
Talks of cease fire have evapourated from yesterday.
What i believe is behind oils rise at least in uk is the fact the british government raised tax on oil and petroleum produces 50% on 22nd march ,while conning the public with the 1p reduction in duty at the pump.
Sounds far fetched but the lybia thing possibly could be a front for the real reason prices are rising ,not sure what american tax situation is to oil producers .
50% raise in march projected onto deliveries april/may could lead to around $126/barrel wti and $150 brent and us at least heading for 1.50 if not more .
Personally i see us playing with 14500 as a pivotal top and 4250/4350 as pivotal bottom before a break higher.
As you can tell my areas price will play are not pin point accurate as yours but it helps my trading .
making green pips large and red pips small this is my goal.