May 30, 2012

Death cross of CRUDE OIL

  • Four hour chart shows price continue to create new lows below the cloud.
  • Weekly chart shows possible support line in Weekly up trend line. Support for this week comes near 85 levels.
  • Death cross is happening in daily chart. So for some months oversold up moves may not give bigger long trades. right now crude oil looks oversold and a trading bounce is possible from the weekly trend line.
  • Possibility of a bigger fall if weekly trend line does not hold

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