Currently Oil is touching support at 46$.As we noted in a previous comment (Oil towards 46$) 46 level is an inflection point.We believe that Oil will soon breakdown 46$ and move towards 36-37$ with simultaneous increase in volume (capitulation) which can potentially lead to a significant reversal, marking the initiation of a significant bull move from these levels.
Similar picture for Oil companies (XLE).As we predicted there was a bounce at 68 level.However the bounce was not significant.Probably we will see a move towards 59-60$ or even lower with increased volume (capitulation, bankruptcies for oil explorers) and then a significant reversal.
Similar picture for Oil companies (XLE).As we predicted there was a bounce at 68 level.However the bounce was not significant.Probably we will see a move towards 59-60$ or even lower with increased volume (capitulation, bankruptcies for oil explorers) and then a significant reversal.
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