If MPP (S1) functions as a support line, think long.
The first limit is 70.00
The second limit is under MPP (P) 70.77
The third limit is under YPP (R2) 72.62
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Brown thick line: Yearly Pivot Points (YPP in the text)
Light blue thick line:...
Let It Break decisively.
Till then you can take advantages of intra-day short ranges.
But do that with strict risk management.
Finally the pattern at present looks Bullish, BUT it can go either way.
Because on the flip side of it - COT reports are Bearish, open interest is at record high and Commercials are record short(more than they were at 2014 drop from...
Crude Oil Again Testing the Crucial 50-52 Zone/Area.
If it fails to break UP here, it could well be formation of Triple TOP.
With COT Commercials Starting to turn Weak this may well happen.
But i am not in a hurry to Jump to Conclusions.
I will be interested in this market ONLY if
Either it starts closing above 52 on Daily Charts (For LONG) OR
it Starts closing...
Greetings oil traders,
As you can see from the chart which is in weekly time frame, the move (INTERIM rally) is just a correction for the down trend; say for the super cycle wave (Y)
Therefore, we sure say that the current move is merely a retracement for the Super cycle wave (Y)
and the initial move (X) has been stagnated...