Monthly View On UKOIL
Oil is approaching a potential longterm demand zone as shown in the chart. This chart is squared to the highest selling price of UKOIL, the levels of 1/8ths and 1/3rds are also derived from it. The bearishness is still very much present in this market but usually the best time for longterm accumulation comes with a lot of fear. The next 500 ticks of downside across the oil and oil product futures curve may provide a good longterm reversal trade on energy. Staying tuned for further tells.
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