March 11, 2012

  • For bulls of crude oil price must sustain above the falling weekly resistance line from 147.90 levels.
  • Channel shown in the second chart too is important for the bullish structure to continue.
  • Daily time frame will favor bears of crude oil below 103 levels.
  • Weekly chart shows support at 20 Week SMA.
  • Immediate resistance at 200 Day SMA. Up move  is possible if price stays above 200 SMA. Last chart shows Fibonacci levels which may act as resistance if price decides to move up.


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"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore