A second close below the key recent 50% fib at 1.2358 and a test down to the middle tine support of the jun – sep 2017 schiff pitchfork (currently 1.2252)…a small double top target is below the market at about 1.2165 area but a larger one could be down at 1.1925…caution on that last one!
A bearish open and close long black marubozo which tested the recent key 50% fib support at 1.3898 and today pushed down through it…look now to see if it closes below.
No follow on to the previous day’s key reversal down… however…we closed a second consecutive time below the key oct 2016 – dec 2016 50% fib at 0.8834…and we’ve stayed below it so far today.
4th bullish white soldier after achieving all three combined targets on the downside…however…the pull back up is failing ahead of the bear flag resistance starting at 108.40…108.33 if you consider the recent downtrend.
The market tested down to the important 50% fib at 0.7817 and closed below…it is now resistance…however…nearby is the combination support of the long ma (currently 0.7778) and the medium ma (currently 0.7772) that has halted previous declines in february and may do so again…watch these!
NYMEX CRUDE FUTURES
A doji cross…possibly bullish…with a third close over the key recent 50% fib at 61.38…however…the market chose to follow on from the previous day’s bearish shooting star pattern and we’re below the 61.38 support…which is now resistance.
A bullish engulfing pattern followed on to the previous day’s indecisive bull hammer/key reversal down combo…however…today we seem to be back to indecision as we’ve started lower…below the recent 61.8% fib at 7198…so far.
The indecision spoken about yesterday was followed on with an indecisive spinning top pattern for the day…today…we’ve opened lower…but not too far away.
Third bearish black crow and in this case…a bearish inverted hammer that closed back below the key recent 50% fib at 2705 …there is a small follow on lower…so far…i cannot stress how important the closing above…or below…2705 currently is.
A follow on to the key reversal up…through the minor fib at 121.47…and tested the bearish upper tine of the sep – dec 2017 andrews pitchfork (currently 121.68)…this tine has shown a good indication of the bearish angle-of-attack of the recent market.
A higher move but still an indecisive spinning top pattern…the market tried again but failed to close back over the key 2015 – 2016 50% fib at 158.54…as mentioned yesterday…we may be forming a possible recent small rounded bottom pattern…we’re still close to the upper tine of the sep – dec 2017 bearish andrews pitchfork (currently 158.67)…this still runs the recent bearish angle-of-attack of the market.
A second bearish black crow follows on to the previous indecisive spinning top…possible bearish harami… the support of the middle tine of the 2016 – 2017 schiff pitchfork (currently 142.19) is key to recent action…as is the resistance of the middle tine of the recent andrews pitchfork (currently 144.06).
A bearish opening black marubozo today countered the previous bullish outside day…overall…the market is showing reasonably wide ranges but seemingly calming down around the 7050 area…perhaps using this level as an attractor with occasional moves away and outside…there is also perhaps a large bear arc forming over recent months.
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