- Copper near falling resistance line in weekly chart.
- Price also nearing previous broken support which may act as resistance.
- Copper bulls have the tough task of breaking above this weekly resistance zone to extend the current bounce.
- CRUDE Oil chart update: CLICK Here
May 18, 2015
- Crude oil bulls making another attempt to close above 200 SMA, Previous 2 attempts failed.
- 4 Hour chart shows crucial support zone. Crude bears need to close below this support zone and 20 Day SMA For bigger correction to happen.
- For now though price is stuck between 200 and 20 SMA's. Daily close outside this range may give bigger moves for crude oil.
- Rcom is in a strong down trend, But stock can give a bounce if stays above the daily cloud and 20 Week SMA.
- Bulls need a Diamond Bottom, For this price need to close and stay above the daily cloud after breakout from the pattern.
- This pattern is mostly classified as either Diamond Top or Diamond Bottom reversal patterns. But if price goes with the trend it may work as a continuation pattern here. Let's wait for price to move out of the pattern. Price should get out of the pattern with volume increase otherwise there is no significance for the pattern.
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