February 14, 2016

 
  • crude oil 4 hour chart shows head and shoulders pattern. Price has bounced back to the neck line. Now bears need to keep price below the neck line to avoid a bigger bounce. If sustains above 29.50 price may test the falling resistance line shown in 2nd chart. Till price stay inside the broadening pattern shown in 2nd chart bounces will be small and the down trend will continue.

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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