Crude Oil Daily Chart
Eddie Tofpik | Mar 06, 2017 09:53
Crude oil: I think that the text I wrote last month is still valid and I've decided to mainly reproduce it and just finesse and update the support and resistance numbers that are dynamic to fit the present day. I've also not added nor subtracted anything from the Daily Chart as I think it is just as valid today as it was one month ago and finally, I've also kept the bullet point the same - mildly bullish - because of the very reason listed last time: I think there may be another action going on...a market ammunition build-up exercise with initially what appears to be a Bullish Ascending Triangle and with resistance on similar tops around 54.38 (dynamic) and rising lows currently at 52.47(dynamic).
Now though it appears to be a Bullish AT at the moment, the one thing I'm relatively certain of is the build-up of potential for when it finally goes. As I say, more likely at this time to be up than down. Support apart from previously mentioned levels is at 52.68, 51.77, 50.91, 50.71, 50.25, 49.95, 49.61, 49.09 & the key recent 50% Fib at 48.71...if this is take out consecutively then the AT pattern is out Resistance apart from the previously mentioned levels is at 54.13, 54.61, 54.94, 55.23, 56.49 & 56.82. So with all this in mind, I will after all move the bullet point above into mildly bullish but I won't give a target for the AT, it could after all turn into a Rounded or Multiple Top affair & I'm not too certain at this time on the veracity of this move higher.'.
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