Join Dstockmarket's Community - Daily Market Analysis, Individual Stock Analysis.

Join Dstockmarket Telegram Group

Join Dstockmarket Facebook Page

Oil Prices Might Rise To $80 In 2018

The current daily uptrend and a reverse head and shoulders in the monthly chart of oil might just help it to reach $80 in 2018. For the past few months, oil has exhibited many ascending triangles and started a new uptrend that brought it from $47 to $60.

oil might rise to $80 in 2018

The daily chart of oil above shows that oil bottomed around July 2017. It formed a classic ascending triangle bottom. It also formed 2 more ascending triangles which helped to absorb supply from the overhead resistance in the past. Oil was making higher highs and higher lows which are characteristics of an uptrend.

It is now above its rising 20 MA, 50 MA and 200 MA. All this points to a strong daily uptrend in oil prices and therefore, traders can expect more upside in oil prices. Recently it made another bullish chart pattern by breaking above another ascending triangle.

monthly chart of oil shows a potential bullish reverse head and shoulders

The chart above is the monthly chart of oil. The next area of resistance in the monthly chart will be around $80. The monthly chart hints of a potential reverse head and shoulders bullish reversal pattern. If oil prices continues its daily uptrend and breaks above $63, it is very likely that oil could go up to $80 in 2018.

Charts with the Freestockcharts.com label are courtesy of Freestockcharts.com

Charts with the investing.com logo are courtesy of Investing.com powered by Trading View

  • Help support this page and press the Facebook Like button below. Thanks!

Join Dstockmarket's Facebook Page 

Recent Articles

  1. US Stock Market Analysis February 2020

    Feb 21, 20 08:15 AM

    My analysis of the US stock market for the month of February. Updated almost daily.

    Read More

  2. Technical Analysis Of Frontken

    Feb 21, 20 08:11 AM

    Technical outlook for Frontken's stock price and stock chart.

    Read More

  3. Technical Analysis Of OKA Corporation

    Feb 21, 20 08:08 AM

    A technical analysis of OKA Corporation's stock chart. Is the stock in an uptrend or downtrend and what should you do about it.

    Read More

  4. KLCI Analysis For The Month Of February 2020

    Feb 21, 20 08:06 AM

    Here is the analysis for the Malaysian stock market for the month of February 2020. Updated almost daily.

    Read More

  5. Technical Analysis Of MMS Ventures

    Feb 12, 20 11:00 AM

    Technical outlook of MMS Ventures.

    Read More

New! Comments

Have your say about what you just read! Leave me a comment in the box below.