Tuesday, April 6, 2010

WTI

 click to enlarge
Even if you are looking for a higher target, the recent run has been very steep, has a potential count of 5 up from 79.50, and RSI's are overbought and diverging. In other words expect at least some kind of pullback.

On the upside, the entire move down from 147 to 32.40 is retraced 50% at 89.70. That ought to be acting as a magnet, and no doubt it will be tested if the SP can get to it's.62 retrace around 1230.
In that scenario you just cannot have an overlap of the 79.51 point. While retesting the breakout at 83.95 might be expected, settling below 83.25, the 50% retrace really would be negative looking at this stage of the game.




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