As I previously thought oil would tumble hard of the 93 area, well it has not done so as strong as
I had expected. The last two days have printed big doji candles which often means reversal
or at least indecision. For the bearish outlook we need a strong bearish candle NOW or this likely
will reverse to the upside. The expanding pennant pattern is most often bearish but not always.
Therefore we need on the bullish side, OIL, to break out of the 93 resistance area boldly. There is
a strong case for oil to go back up in that there is huge HUGE thinly traded zones above 100. They go
back all the way when oil topped in 2008 to 149. These "thinly" traded zones often demand price to
fill them if gaps remain, and there remain many gaps above 100.
I had expected. The last two days have printed big doji candles which often means reversal
or at least indecision. For the bearish outlook we need a strong bearish candle NOW or this likely
will reverse to the upside. The expanding pennant pattern is most often bearish but not always.
Therefore we need on the bullish side, OIL, to break out of the 93 resistance area boldly. There is
a strong case for oil to go back up in that there is huge HUGE thinly traded zones above 100. They go
back all the way when oil topped in 2008 to 149. These "thinly" traded zones often demand price to
fill them if gaps remain, and there remain many gaps above 100.
Comment:
Awesome!
Comment:
This turned back down past support and is not looking bullish.