August 22, 2016

  • Crude broke below 50 Hour SMA. Price is now testing 100 Hour SMA and cloud bottom. Closing below these levels will weaken crude bulls further. Bulls need to hold on to the cloud to avoid a bigger correction.

  • Crude oil testing 50 Hour SMA and the channel support line.
  • For a possible trend change price must break below the hourly cloud, Till then bulls are safe.


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"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