Monday, February 13, 2012

Two Oils Moving - Westernzagros in Kurdistan & Petroamerica in Columbia

Hello Readers,

Dateline: Feb 13, 2012

Just noticed on my screens this morning, that Westernzagros in Kurdistan, is now moving out of their cup bottoming formation and breaking through the rim resistance. Let the chart following tell the story:

Also, Petroamerica in Columbia, is also moving and doing almost exactly the same thing, breaking out of their cup bottoming formation. Again, the following chart tells the story:

By the way the orange lines in the chart are the Tirone Levels, an indicator similar to Fibraconi lines. Here is an explanation of them:
Definition of 'Tirone Levels'
A series of three sequentially higher horizontal lines used to identify possible areas of support and resistance for the price of an asset. The position of the center line is plotted by calculating the difference between the highest high and the lowest low for the asset price over a period of time and dividing it by 2. The top and bottom line are drawn 1/3 and 2/3 of the difference, respectively, between the same high and low that are used to calculate the center line.

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