Tuesday, September 29, 2009

Crude Chops Sideways

Click on chart to enlarge.

Crude is not exactly accelerating down ( though it's not ripping up either ). This choppy sideways action is usually considered a consolidation prior to a resumption of the trend, and certainly thats a strong possibility even probability here. But.

Take a look at the action  following both the "c" and "e" labeling  on the chart. The subsequent sell offs of $4 and $6 respectively had very similar choppy action that looked like the current one.

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