NYMEX:CL1!   Light Crude Oil Futures
92 5 3
As expected (see previous posts), the 20 DMA provided with a resistance.
To go on with our building of an inverted H&S , a pullback must not drag price below the 200 DMA.
do you think we pull back to close to 200 MA or not much further 42.7?
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Bakou tbuckle
Hi tbuckle,
I will observe the shape of the pullback and where it goes to.
If it is a sharp one, dropping fast and low, it is a bad omen.
If it descends gently to a convenient support, we may resume upwards.
So far, on the hourly chart, the 200 x 1h MA corresponds with the 50% Fib of the recent upward move. This could be a nice support.
Best regards.
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Thank you for the response. I guess that is what is so concerning about the drop, is that it was such a big drop ....what like .65
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what are you thinking 41.23?
Reply
Bakou tbuckle
Hi tbuckle,
Sorry for the late answer.
Err... We cannot know the level precisely. What we have to determine first is whether it is a pullback en route to a large move north to complete the potential H&S, or if it is the descending trend resuming.
Again, the shape of the down move will tell us.
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