June 17, 2015

  • Crude oil daily chart shows a range between 56 and 62 levels. Price testing 50 day SMA. Daily Close below  50 day SMA may take price towards range bottom. Up trend safe till price stays above 200 SMA. Current formation can be considered as a bullish Rectangle. 

  • Trend continues to be down in all time frames with Price shaping for a bounce against the trend. Bulls need to stay above 8160 levels for any strength to return. More pain for bulls below 7940 - 7960 level. Bears need a weekly close below this zone.


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My Favourite Quote

"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