February 9, 2016

  • Crude oil continues its bearish path. 30 Minutes shows price moving down in a bearish channel. Crude bulls need to break above this channel before price violates 27.57 levels again.
  • 4 Hour chart shows a bearish head and shoulder pattern breakdown. Crude bulls need to stay above 27.57 levels. 
  • First chart shows previous support zone acting as resistance. Bigger strength for Bulls only on price crossing this level, To be specific 7600. 
  • Bears need price to stay below 7351 and 7242 levels for bigger falls to happen.
  • Month chart shows possibility of price extending towards the rising support line on breaching 7242 levels.


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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