WTIC Oil sparked when there was conflict in Libya. WTIC long term is overall in uptrend, with possibility of visiting the 148USD all time high for oil and expected to end its peak rally around 2012 and 2013 Oil market peak. Overall, at this moment, I think we are far from that peak, we are long term uptrend, but a very narrow one, upon hitting 103, charts say that it might already be the peak in short term outlook backed up by the weekly chart’s overbought RSI, with support of around 88 then 82 for oil. The sad and very cautious thing is that, if conflicts still occur, it might breakout the linient long term uptrend line and create a parabolic wave to 148usd highs and trigger high inflation that may cause possible double dip of this bull market or early end of this bull market run.
SSEC short term downtrend still in place, and waiting mode for U.S. economy, China is one of the countries that really fights inflation by raising interest rates to back up their demand globally and their overwhelming GDP. I'm not sure either why this country is in short term/ medium term downtrend, despite its good GDP numbers. Charts tell that in months time, there will be a very huge thing that will happen, I believe its a breakout to its new highs. Watch closely the narrowing triangle lines, and long term support is at 2700 which is a good entry place.
HSI market same as SSEC, downtrending since Oct 2010. Are they the one to lead the new highs and start moving up ahead of DOW? let us see, from my perspective, these 2 markets were already having a lot of correction and are ready to blow in few months time, HSI still uptrending with a resistance of 26,000 when it breakout to its new high. Chinese markets are still reliable at these times and looks pretty cheap when it corrects more (5-10%) with uptrend support of 22,000.
Disclaimer: Charts belongs to A. Caldaro, it was used for presentation use only.
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