With the $105 resistance line tested again towards the end of the week I feel that everything is pointing to a downwards reversal (confirmed by a downwards break on the CCI). Despite the reassuring economic prints out of america in the past few weeks driving up demand, the US Energy Information announced last week that crude oil inventories had risen by 10.1...
Overall most of the indicators point to the fact that we are not breaking the trend. There is SOME volume, but not volume the way we saw in the bubble. If anything it's volume that supports price stability around this range, however I think selling could be imminent. The same pattern of volatility has taken place all the way down the trend line in respect to the...
This indicator was developed by Roger Altman and was introduced in the February 1993 issue of "Technical Analysis of Stocks & Commodities" magazine. The RSI was developed by J. Welles Wilder and is discussed in his book "New Concepts in Technical Trading". Get the source here: pastebin.com Installation video by @ChrisMoody here : vimeopro.com After I got done...
**BET** A pretty strong level of support has been broken and it has been broken with conviction. A break past point B of a bat pattern and a retracement back into what was before a strong level of supply/demand is signaling me to go short. I like this play set up very much, let's see if it plays out.