February 18, 2016

 
 
  • Crude oil Month chart shows price hanging around Multi - Year lows. Bigger weakness only if price breaks below the recent low of 26.06. Minor strength above 32.40.
  • Immediate resistance at 50 Day SMA. Daily close above 50 SMA may add strength for bulls. Immediate support at 1 Hour cloud.

  • Crude oil 4 hour chart near falling resistance line. Daily  chart shows price nearing 50 Day SMA. Crude bulls must close above these levels to extend the bounce.


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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