Mikkelfo
Long

Bullish Crude Oil

NYMEX:CL1!   Light Crude Oil Futures
Crude Oil             is signaling a possible reversal. We have a falling wedge , a 5-wave             pattern and bullish indicators (with weekly divergence). Therefore everything is signaling an uptrend. The only problem is that we have a lot of resistances overhead, which might make the uptrend either choppy or unsuccesful. However, everything in the chart is screaming "UP"

Weekly chart with RSI/MACD divergence
snapshot
I think it trades sideways and probably drops some more before heading up. I don't think we have seen the bottom yet. Market still flooded. Iran only just started shipping. Nobody really cutting yet.
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Mikkelfo johnmknox
Yah longterm I'm not convinced of the bulls, but this formation SHOULD at the very least, result in short-term bullish movement
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Mikkelfo Mikkelfo
I'm not convinced (YET)*
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If above 33 then possible target 37.49-43.72. So i feel you prediction may go right. Double bottom breakout above 33 if sustains possible.
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