An inside, hanging man, candlestick formed last week.That is the same candle that formed in 2 february week which gave us the big drop of 700 hundrend tick move.
The only difference is, that in the february candle, the last daily candle was red while last's week was green.Technicals,fundamentals and seasonals, show lower prices
ahead for oil.A break of the...
The oil inventories day was the catalyst for big moves the previous weeks.If today's announcement breaks yesterday's low decisevily,a fast move will bring price to 55$ area.
If the price doesn't break the low and stays inside the triangle ,the break will come next week with the new future's contract.Trade with patience.
In the asian session a srtong bearish move has started but found temporarily suoporrt in a rising daily trendline and hidden horrizontal support.I don't want to see price above 63,60 area because it may rise all the way up to retest the previous high of or go even higher.63,40 to 63,60 is the area where the bears may make their move to push price lower.Let's see.
It is the seventh day of sideways movement.This will eventually lead to a big move.I favor the short side as explained to the chart.However today is crude oil invetories day where volatility is much greater and anything can happen.So watch the announcement and trade with caution.
