With Oil dropping by over 5% overnight, the sentiment is very...

With Oil dropping by over 5% overnight, the sentiment is very negative hence people selling to book profit if they had bought below 1.4c as there is another 8 trading days before buy back can commence. Traders think this will drop further due to very negative sentiment on oil and what is happening in macro outlook (from US debt ceiling to contraction of Chinese manufacturing activities) Oil could continue to head towards $64 again however the drop from $82 to $71 has been on lowering volume. Oil is currently sitting at critical support, at Fib 61.8 and horizontal support. There is higher chance that this will bounce from here. Bounce of oil price plus buy back approaching should help to elevate the confidence in the next few days.





BRK - still bullish until SP falls below 1c. The trend is intact so from TA perspective, not so much to worry about imo. From FA perspective, its getting better every day.