Oil - Double Bottom ... Again
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Oil – Double Bottom … Again
By Chuck Gibson
Last week I presented the concept of forecasting future price targets based upon patterns which develop within price movement. To illustrate, I used a long term chart of the Nasdaq which had created a pattern in 2011 that projected a future price that came within 2% of the forecast. While the accuracy was most excellent what I find very compelling is the chart identified this price 3 years before it happened.
This week I want to show not only a different pattern but also that price projections work across all investment types (since many don’t just invest in stocks and bonds). The chart below is a 3 year look at the daily price of crude oil. You can see in the highlighted area on the left hand side of the chart a double, divergent bottom formed in 2011. I have included the pattern’s projected price target in a callout box, which forecasted a high of 103.82. Price topped out 5 months later in March at 109.45, exceeding the target by 5%. While that is pretty good, it fell short of last week’s 2% miss on the Nasdaq
