My blog Analyses the trend and patterns of stocks, Futures, Commodities and Forex Markets
October 28, 2014
CRUDE Oil trend update
The Month time frame is shown with Fibonacci levels. It shows a broad range between 38.2% and Golden ratio. So this is roughly between 74 - 77 to 103 - 112. Price right now is testing the bottom of this range.
Second chart is the weekly time frame with possible support levels.
Ichimoku cloud of Daily Time Frame will act as shield for Crude oil bears.
4 Hour time frame shows a bearish Descending triangle pattern. Mostly acts as a trend continuation pattern.
Crude oil bulls must hope for a Basing formation around 74 - 77 for a possible up move to happen.
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