July 1, 2012

  • Crude oil gave a bullish weekly candle near support zone.
  • Price closed the day above 20 Day SMA and may target 50 Day SMA.
  • Next resistance levels are near 50 Day SMA and 38.2% Fibonacci levels.
  • Earlier the up move was started after Positive Divertgence which was discussed in an earlier crude oil post.


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My Favourite Quote

"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