Update for yesterday’s Crude Oil analysis (http://markettechnicalview.blogspot.com/2011/11/crude-oil-wti-technical-analysis_21.html ) ....as you can see, the support zone was pretty clear and the re-bounce of the price off the $95.30 level confirms the fact that not only I was looking at a reverse in this area.
The slope and the internal structure of the swings from 17th of November looks like an impulse move down. Therefore, I expect that this current up move is a corrective one that could travel up to the resistance zone 2 ($100.00 area) before the down trend should resume. If this really is a corrective motion, we that should see a 3 wave structure (most common for corrections) and reversal candles around the resistance areas.
In the H1 chart I plotted the 2 most probable scenarios for the future couple of days. However, this is not infallible and if the buyers will prove to be stronger than the sellers, breaking up the resistance zones, then the prevailing up-trend could be resumed.
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