Tuesday, November 24, 2009

Crude Oil Range Trade

The one thing that can be said with assurance about WTI is that it has not been in an impulse wave.


The inevitable conclusion is that this move down is a correction, and at some point will resolve with a break to new highs. And while there is no reason this choppy series of abc's down has to be finished yet, it is certainly near the support trendline.

It is interesting to note the Euro is nearer the recent top of it's range rather than the bottom.

1 comment:

  1. Been following your blog for a while now, great info! In this post I was just wondering why you think the arrangement will end in a new high. Seems like a move back to 70 might be just as likely.

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