Trader_97

CRUDE OIL FALLS TO NEAR TERM TREND CHANNEL SUPPORT !

FX:USOIL   Crude Oil (WTI)
44 2 2
CRUDE OIL'S DECLINE FROM 48.30 HAS EXTENDED LOWER ALL THE WAY DOWN TO 41.40 AREA MINOR SUPPORT. FACTORS TO WATCH HERE ARE : 1) STILL TRADING BELOW THE T.L RESISTANCE FROM NOVEMBER 4TH. 2) STILL BELOW THE 100 DAY SMA AND 50 DAY EMA . 3) SHORT TERM TREND CHANNEL SUPPORT COMES INTO PLAY BUT LACKING BOTTOM FORMATION.A BREAKOUT FROM T.L RESISTANCE FROM 4TH NOVEMBER WILL HELP CRUDE OIL             TESTING THE 42.58 SUPPORT TURNED RESISTANCE AREA .BREACH ABOVE THAT AND WE COULD SEE A MOVE ON THE UPSIDE TILL 43.54 AND 44.70 AREA.BREAKOUT OF THIS CHANNEL WILL SEND PRICES LOWER FOR A TEST OF OF 40.44 AREA SUPPORT
Solid - I just published a chart similar - Never seen this. So that is a good thing.

+1 Reply
Trader_97 Market_Masta
THUMBS UP :-D ....I LIKE YOUR WORK ! :)
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