WTIC: Tentative Bottom Formed

Looking at the chart of WTIC, I believe that crude oil prices had bottomed and we are in early stage of recovery.


Chart: WTIC's weekly chart as at Apr 16, 2015 (Powered by Stockcharts.com)

If you like to have a road map of where WTIC is going, you can try out Wyckoff Schematic. The current move may go as high as USD65-70 and then we may see a throwback towards USD55. If WTIC can hit a high of USD70, I don't think it would go down to USD55. If the high is USD65, a throwback to USD55 is doable.


Diagram: Wyckoff Schematic (Source: Stockcharts.com)

If you accept that crude oil prices have bottomed, then this is a good time to buy some good O&G stocks. And, it would also mean that our Ringgit should be recovering together with the stock market.