CHARIOT OIL (LSE:CHAR) & BRENT CRUDE We’ve just about reached our wits end with the DOW, so it was time to sit back and chill while running the numbers against every single DOW constituent. And as a result, we calculated the DOW should be heading to 25,335 points next, this being a point where some reversal is probable.
We should warn, this method of calculating a target is new and while it resulted in a sensible sounding ambition, we’ve never tried this concept before due to the requirement of assuming time frames correctly against each share. Our “normal” caveat is to duck time frames due to the ritual humiliation they inflict but in this case, we either abandon the DOW JONES or alter our approach.
As for CHARIOT OIL, the tea leaves don’t entirely stink. The current situation is a bit odd with the price calculating as heading to 25.5p with any movement now bettering 23.7p. While utterly insignificant, the implication should 25.5p be exceeded is of continued growth coming to an initial 32.5p with secondary, if bettered, at 51p.
Visually, this is quite a big deal, taking the price finally to an area of new highs, along with the hope from a heck of a lot of people the share will “cover the gap”. Unfortunately, we’re not yet showing sufficient impetus for such a scenario as, even with a stonking great news release, the best we could sanely hope is around 65p. For it all to go wrong, the price needs weaken below 11p!
While we’re not promising anything, it certainly appears this particular share price is in some way mimicking the current share in Crude Oil prices as currently there’s a heck of an argument favoring 69 USD as the next major target against BRENT. Our longer-term secondary comes along at 86 USD, almost promising a bonk against the long-term downtrend sometime in mid-2018
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.
Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION
Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near-term trading targets. Our website is www.trendsandtargets.com.
UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse is true with price drops.
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