August 14, 2016

  • Crude oil weekly chart shows the attempted weekly reversal to form the right shoulder of an Inverted head and shoulders pattern. Only problem here is that the pattern and the current reversal looks too perfect.
  • Daily has sustained above 20 Day SMA. Next hurdle for bulls is the 50 Day SMA. Other possible resistance levels are also shown in chart 3.


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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