RE: More new Institutional holders3 May 2018 19:31
Chartwise we very much consolidating in a narrowing range allowing the RSI to ease off and reset. Flaglike formation, pausing before the likely renewal of the trend. First target are the Jan highs and then to break the trend line drawn from the Oct 2015 ,Jan 17 and Jan 18 high. If this Long term upper trend line channel breaks, which measures apx 50 points targets the 155 area. First stop old lows around 120. Eventually looking for my first Elliott wave target of 173.
News flow could coincide with some of these levels and has all been well orchestrated since they cleared the decks. New yearly highs on Catcher 60kbd news? Then Mol news? Then.....
The institutions are coming back in and are a more stable base and stops some of the recent over volatile downside swings. Summer air con needs, Saudi Summer crude burning, US driving season, Asian growth, all keep the demand side well bid, and OPEC don�t look like flinching. No doubt watered down Iran sanctions, but above 70 dollar oil, should keep the money flowing into the sector, as the trend is still up. Commodities always find some love towards the latter part of the cycle.
Good Luck all.