ESSO : Likely to pullback to 11.90

Although ESSO’s chart has more upside potential, there will very likely be a brief pullback to 11.90-12.00 on Monday, and if global markets and indeed oil fail to rebound rather soon (remember the US markets have been off the last 6 days in a row) then 11.60 or so may well be revisited by ESSO.

ESSO tends to trend with NYMEX futures quite closely, so at this stage we prefer to wait for a dip – hopefully to or very near 1160 before re-entry, albeit possible 11.90 holds its ground early in the week.

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