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Crude Oil- Bullish signs emerging

Crude oil has broken its downward wedge pattern towards the upside on a 4 hour time frame. The break out of this wedge pattern is a bullish sing for the price action. The price is also trading above its 50 day moving average shown in yellow and near the 100 day moving average shown in red. However, we still do not have the 50 day moving day average has not crossed the 100 day moving average from below. The cross over will be a further sign of more control by the bulls.

The RSI and the MCAD indicators are showing a negative divergence signals but more strong sone is from the RSI indicator.

Important Zone 

50.14- 49.34 Resistance

42.54-41.74 Support

Screen Shot 2015-11-03 at 07.58.04



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Number of comments: 1
  • Gordon
    • #

    Bad news from China influenced oil prices just yesterday, I believe it won't take long, because Japan is showing really ambitious economic data.


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