VivekSingh

Expect a new crash in Oil

NYMEX:CL1!   Light Crude Oil Futures
579 5 4
From the chart it looks like oil             is consolidating in an upward wedge . So their could be two scenarios here either it brake the lower trend line first and we get to short a huge crash or it brakes the resistance at 54 in which, i will open a long position. With the decreasing volume i think breaking the lower trend line should be the most probable scenario. Bur for now its just wait and watch time for me.
Just wanted to add another observation here. The last two peaks on CL1 are making Higher Highs where as on Stochastic same peaks are making Lower Highs. This situation qualifies for Bearish Divergence. Moreover, stochastic crossover (bearish) towards the end gives a strong indication for Oil crash during tomorrow market session. Time to go long for DWTI.
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mohamedrussel VivekSingh
HI CAN YOUEXPLAIN YOU MEAN SELL FROM WHERE AND TAKE PROFIT AT???
EXPLAIN PLEASE
-1 Reply
HI, SUPPORT AT 50 AND RESISTANCE AT 54.
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Hi, everyone has been talking about a consolidation since 1/29. On a separate note, draw a channel from 12/22 high towards 3/7 high all the way past April, then from 1/13 low towards 3/17 low all the way past April, and let us know towards which direction it broke the trend.
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VivekSingh krilin89
Hi Krillin, since i am not planning to go long term here so i don't think i will draw those line. Moreover, i am not discussing just one scenario here. I think it may go either direction, it's just the matter of time which line it brakes first.
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