December 27, 2011
- Crude Oil moving towards its resistance line
- Having taken out the dotted resistance line price is expected to hit the main trend line before the next fall. Bearish candles at the trend line may hint of a correction.
- Breakout can give more high's for crude oil for possible targets of 102 and 104 levels
- ES Hour trend remains up and Bulls are safe above 50 Hour SMA and the Hourly ichimoku cloud.
- Hour chart shows a possible bearish reversal pattern a rising wedge.
- But there are cases of rising wedge breaking the resistance line and acted as continuation breakouts.
- SPY MOVING UP WITH DECREASING VOLUME