Follow on OIL Gas Index with near term target
In the last few weeks the OIL and Gas Index has risen even though crude dropped again despite the agreement of major producers to soon start cutting production by 10%.
The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely target is given. If it quickly starts down again to complete a downward correction the stops I am using are shown on the daily chart. Personally I thing is part of a basing for a major longer term rise given the degree of drop since 2007. (see link for longer term chart).
This is just my opinion. Process your way.
Feedback always appreciated.
Take care. Have a great weekend.
The gain Friday is encouraging that the rise has further to go. If this is just part of a upward correction a likely target is given. If it quickly starts down again to complete a downward correction the stops I am using are shown on the daily chart. Personally I thing is part of a basing for a major longer term rise given the degree of drop since 2007. (see link for longer term chart).
This is just my opinion. Process your way.
Feedback always appreciated.
Take care. Have a great weekend.
