649bruno
Short

Light Crude Oil: The Lady Or The Tiger? Bullish Or Bearish?

NYMEX:CL1!   Light Crude Oil Futures
101 0 7
MaryJane posed an interesting question. Is this a bearish wedge?
Is is bullish or bearish? Is it the "Lady or the Tiger?"

As I view the chart the indicators are 50-50. You can make a case for the bull side. You can make a case for the bear side.
My opinion is.....
1. The RSI/ Stochastic is over-bought;
2. The CHOP reading (under chart) is in the shaded area, indicating no trend at the moment;
3. MACD (middle top) is working its way to over-bought; but the tie-breaker is...
4. The last Fractal was a sell on September 6th at 8 PM CDT at 43.84.

Would I take a position now? No. I would wait for the failure in the bearish wedge at (or below) 45.64.
Good luck to you. Don.
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