May 6, 2015

  • Crude oil daily at 200 Day SMA.
  • Bulls yet to show any weakness. As long as price stays above 4 Hour cloud and 23.6% Fib level up move will continue.
  • Crude oil bears need a Bearish Daily candle at 200 SMA which may hint of weakness.

  • Price contraction continues in daily time frame as shown in first chart.
  • Bullish structure is still intact as seen in 2nd chart. As long as this stays an upper breakout is certain. Hope for bears only on closing below 2060 levels which will challenge the bullish structure shown in 2nd chart.


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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