June 17, 2016

 
 
  • Crude oil daily chart getting support at 50 Day SMA for now.
  • Weekly bearish setup remains intact. The bearish inverted hammer is followed by another bearish candle.
  • One hour cloud is getting tested. Price if remains below it may be followed by another wave of selling. If price manage to close above the cloud a bigger bounce from 50 SMA can be seen.
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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