Monday, April 5, 2010

Oil Breakout Continues

The weekly Darvis boxes continue to clearly highlight the uptrend in oil. Last week's breakout continued today, and there is every reason to believe that the box objective of 98.40 will be hit in the next few weeks. This is determined by simply taking the height of the last box and adding it to the box high. We also had a weekly long squeeze last week and a daily long squeeze today.

I will continue to ride this trend until there is evidence that it might be ending or the high target is hit. The most bullish price target is around $128.00, which would take about 6 to 9 months to be reached.

No comments: