WTI gained 0.9% last Friday to reduce weekly loss to 1.3%. After retreating from Aug high of US$50.4 (1 Aug) to a low of $46.4 (17 Aug), WTI rebounded 0.91% last Friday to $47.87, reduce weekly loss to 1.3% from as much as 2.4%. The rebound was driven by falling US crude oil inventories data and additional rigs to boost output has almost paused coupled with stronger than anticipated summer demand. Sentiment was also boosted by the Hurricane Harvey, which is steering towards the key US energy production terrain.
Potential symmetrical triangle breakout. Following last Friday’s gain, WTI’s near term outlook has turned mildly positive as it is in the midst of forming a symmetrical triangle breakout soon if oil prices manage to build a base above support trendline near $47. On the flip side, a violation of $47 support will witness further retracement towards $46.5 and $45.3 (61.8% FR) and $43.9 (78.6% FR) zones.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....