With 4 hours MACD crossed below signal line again, an intraday top is in place at 80.51 and bias is turned neutral. Some consolidations could be seen, with risk of retreat to 4 hours 55 EMA (now at 77.40). But downside should be contained above 75.69 support and bring another rise. Above 80.51 will target a retest on 83.95 high. However, note that Break of 75.69 will argue that rebound from 69.50 has completed and will turn focus back to this low.
In the bigger picture, crude oil was supported above mentioned 68.59 key support and thus, there was no confirmation of medium term reversal. The strong rebound from 72.43 dampened our bearish view and argue that medium term rise from 33.2 might not be over yet. Nevertheless, as such rise from 33.2 is treated as a correction to whole decline from 147.27 only, even in case of another high above 83.95, we'd continue to expect strong resistance near to 50% retracement of 147.27 to 33.2 at 90.24 to bring reversal. On the downside, though, break of 69.50 support is now needed to indicate that crude oil has topped out.....Nymex Crude Oil Continuous Contract 4 Hours Chart.
Today’s Stock Market Club Trading Triangles
Share
No comments:
Post a Comment