see the chart to understand
After a rocket off the bottom and a nice trade, Crude needs a rest. Is the bottom in? We don't so...soon though. We feel crude could make another attempt at a bottom to shake out the weak longs. However, if crude wants more upside from here we will need to see some consolidation. Above the $47 and we could see an accelerated squeeze. Crude is on our daily...
Here is what may happen if the market breaks the key support level that I showed on the chart below. Well if one of those will occur (especially Cypher Pattern) then we may see a beginning of an uptrend.
The market seems to be a little bit confused, probably because of OPEC meeting and reaching a key support level. Here is some analysis of what may happen if the support would be violated or not. The nearest strong resistance for TP on long position is somewhere between 63,5 - 64 If the prices will break the key support level, then the next strong support is 59-60