Welcome to EV's point and figures. This blog is dedicated to the use of point and figure charts in technical analysis.

Although P&F first appeared in charts in the 1930's, it is an often overlooked techique for analysing stocks and charts. A poor relation compared to line and bar charts and their range of momentum indicators. Yet few charts provide a clearer picture of the daily battle between bulls and bears for market control.

Like most methods, it should not be used in isolation. It should form part of an analysts 'tool box' and be used with other techniques to help form an overall view.

The charts that appear on this blog and any accompanying comments are purely for information purposes only - my own personal take on where the prices may be heading. They do not constitute investment advice.

Thursday, December 9, 2010

Oil - heading higher

It may be a bit early to predict that oil will get back to those highs of 2008 but the short term picture is quite bullish. We now have a (blue) bullish support line, reversals to the upside taking out the previous highs and note too that the recent upward move has pushed oil above the previous resistance in April (circled in the chart).

Activated targets to the upside of $104 and $105.
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