Trader_97

CRUDE OIL PERHAPS HAS FORMED A BOTTOM EARLY ON

FX:USOIL   Crude Oil (WTI)
32 0 2
AFTER RUNNING INTO RESISTANCE AT 48.30 AREA AND FAILING TO BREAK HIGHER WE ENDED UP FORMING A TOP AND FELL ALL THE WAY DOWN TO 44.08 AREA.CRUDE MANAGED TO FIND SOME SUPPORT THERE TO HANG ONTO AS WE CLOSED WITH A DECENT UPRIGHT HAMMER FORMATION.WHICH IS PERHAPS A SIGN OF AN EARLY BOTTOM AS THE PRICE HASN'T COME INTO CONTACT WITH THE SUPPORT T.L FROM AUGUST 24TH 2015.IF THIS IS THE CASE THEN PRICE NEEDS TO STAY ABOVE THE 44 AREA AND ADVANCE HIGHER.RESISTANCE AREAS ARE 45.10 - 45.60 & 46.98.IF WE BREAK BELOW THE 44 AREA AND BREAKOUT OF THE TREND LINE SUPPORT THEN LOSSES FOR CRUDE OIL             WILL CONTINUE TO EXTEND
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