February 12, 2016

  • Crude one hour chart shows price below a falling resistance line. 
  • Daily chart is shown with a possible reversal candle pending daily close. A daily close at the current levels or higher may result in a bounce.
  • Month chart shows price action happening below Multi-year support zone. Staying below this Crude bulls will remain strong.

  • Price testing recent lows. Weekly chart seen testing crucial support zone. Bears need a weekly close to confirm breakdown from the Topping pattern. Bulls need to hold above this zone for a bounce which is likely to keep price within the bearish topping pattern.


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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