I'm Brandon, a senior stockbroker at a local securities firm and also a professional trainer with Singapore Exchange (SGX) Academy. Holder of Chartered Market Technician (CMT) and Certified Financial Technician (CFTe) with over 10 years experience in the financial industry.
This blog aims to share how private traders can forecast price and trade in line with the market and smart money by applying Wyckoff principles and simple technical analysis techniques.
Wednesday, 6 September 2017
Oil Price (Brent) in Mark Up Phase (Short Term View)
Price consolidated in a re-accumulation zone within US$50-US$53 since early Aug. Earlier yesterday, we finally saw the price did a breakout (Sign of Strength) above US$53 level, and closed above US$53.00 on the 4-hourly chart. This gave us conviction that oil is trading in a Mark Up phase with 1st objective set at US$54.50.
The 1st objective level is set based on a confluence of factors which includes previous and of 161.80%. Similarly, the 2nd objective is also based on confluence of previous resistance and of 261.80%.
Momentum indicator, MACD, also continue to displayed upward momentum with the MACD trading above zero line.
In addition, oil would be trading towards a seasonality strong period bought by the colder weather towards year-end.