Is it a dark Friday? Luckily it is not 13th of the month.
UK has voted exist UN impact the financial market. People and traders are somewhat panic for this event show an over reaction to the final voting result. Daily chart on Friday appear a Dark candle penetrate 5, 10, 20, and 365 MA line. But the close price is keeping well above 50 MA. The Brent Crude oil price looks like want to test 50 MA and previous low price (2016/06/16 Low: 46.92) again by next week. Let's see if it can hold or not. If the previous low could not get support, then a testing low of 270 MA will be the next target.
Bearish signal:
1. A dark candle bar penetrate 5, 10, 20, and 365 MA on Dark Friday.
2. A passive Psychical logic reaction to the financial after confirm UK voted for exist UN.
3. Major Stock Index drop down sharply (UK100, DOWI, SPX, NKY225, DAX)
4. Bull buyers might sold out their position to kill the bull.
5. Transaction Volume is still going down.
Bullish signal:
1. Finally UK shows a confirmation attitude.
2. Physical demand is still strong.
3. 50 MA and 200 MA are still going up.
4. Gold price continue going high.
Overall, I guess it is in a correction stage after the 1st big bullish wave.
Correction Target:
1. 46.92
2. 45.50
3. 43.50
UK has voted exist UN impact the financial market. People and traders are somewhat panic for this event show an over reaction to the final voting result. Daily chart on Friday appear a Dark candle penetrate 5, 10, 20, and 365 MA line. But the close price is keeping well above 50 MA. The Brent Crude oil price looks like want to test 50 MA and previous low price (2016/06/16 Low: 46.92) again by next week. Let's see if it can hold or not. If the previous low could not get support, then a testing low of 270 MA will be the next target.
Bearish signal:
1. A dark candle bar penetrate 5, 10, 20, and 365 MA on Dark Friday.
2. A passive Psychical logic reaction to the financial after confirm UK voted for exist UN.
3. Major Stock Index drop down sharply (UK100, DOWI, SPX, NKY225, DAX)
4. Bull buyers might sold out their position to kill the bull.
5. Transaction Volume is still going down.
Bullish signal:
1. Finally UK shows a confirmation attitude.
2. Physical demand is still strong.
3. 50 MA and 200 MA are still going up.
4. Gold price continue going high.
Overall, I guess it is in a correction stage after the 1st big bullish wave.
Correction Target:
1. 46.92
2. 45.50
3. 43.50