March 5, 2014

  • Price testing crucial support zone at various time frames. Daily close below 20 SMA will be crucial for the trend of crude oil.
  • Daily chart shows price near the apex of a contracting pattern which is likely to increase volatility for the pair.
  • Monthly and Weekly chart shows price testing major falling resistance lines. Bearish weekly candle here may only confirm the weakness.


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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