December 10, 2015

Falling wedge of crude oil

  • Crude oil weekly time frame shows a possible falling wedge pattern. I say possible because the falling support line does not look strong to me. If the falling support line shown in weekly time frame holds the pattern will stay intact. Its a bullish reversal pattern.
  • Month Time frame is yet to show any reversal or bottom formation. Price action suggests price could go down as low as 32 levels before a bounce can happen.