NYMEX:CLV2012   LIGHT CRUDE OIL FUTURES
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WTI Crude Oil             price is still consolidating in a sideways wedge formation. There is significant resistance overhead at the current level in the form of the 200 Day SMA . Only a convincing break out above 200 day SMA level and a Daily close above would potentially call for a retest of the falling resistance trend line at 100 level. Additional resistance on the upside is located at 106.43 followed by 110 level. Alternatively, support on the downside is located at 92.50 followed by 91.12 which is 50 Day SMA and 87.79. Indicators like MACD , Stoch . and RSI are currently at neutral mid range opening the possibility for a move in either direction
And that HARD DOWN TREND to 80-85 usd
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Hi are you asking ? The Bearish pullback would be valid setup if we lost support at 94.00, Since QE3 is on the cards Usd is falling and WTI is in Bullish uptrend. Price Action created breakout above falling resistance and the Blue, Bullish setup is currently unfolding. What do you think?
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