Monday, August 10, 2009

Crude Chops


No matter how WTI is labeled it leaves a lot to be desired, and with all the overlaps, it really looks like a continuation of the consolidation that began Aug 3rd. BUT the strong potential for a reversal in the Euro and SP are hard to ignore. Certainly taking out the lower end of the range at 70.09 will help, as would gaining momentum from there. Overlapping the top of the 1st leg up from 62.75 would confirm a reversal ( also a 50% retrace). That however is a ways down the road.
Keeping a close eye on it waiting for more to be revealed.

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