January 1, 2016

  • Crude oil month chart shows Bulls trying to hold above the 2008 lows. Weekly chart is trying to put up a bullish reversal pattern. But price need to stay within this pattern any new lows if made will negate the bullish possibility. If weekly reversal pattern gives a successful breakout pattern rules gives a target around 60 levels. Immediate resistance at 38 levels as shown in Daily time frame.


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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