My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
April 1, 2013
CRUDE Oil chart analysis
Crude oil hits the triangle resistance line of weekly chart.
Daily chart is showing some weakness at the resistance line.
Price is also near the Golden ratio of weekly time frame. Crude oil bulls need a convincing breakout above the triangle resistance line and the Golden ratio for a sustained up move to happen. Price is likely to give a false spike above these resistance line and may start to correct.
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