For the Bulls
It's been a rough 6 weeks or so for the bulls, with the July contract basically unchanged for 2011.
But there is good news for those of a bullish cast of mind; WTI has a pretty significant cluster of support not far under todays low, at roughly 91.00
As has been outlined on countless occasions on this blog I believe the 114.80 high is B wave top for this rally and WTI has started it's C wave down. Pls see WTI Update from May 4 for a detailed discussion.
On the downside penetrating the 91 area would represent another milestone in confirming the count, and bad news for the bulls.
But there is good news for those of a bullish cast of mind; WTI has a pretty significant cluster of support not far under todays low, at roughly 91.00
Active Mo. Weekly
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The 50% retrace as shown above, and "c=.618 of a" come in there at 90.89 and 91.03 respectively.
Daily
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Note the positive RSI divergence.
So from a bullish perspective if you think this move down is merely corrective, this is a good buying opportunity.
On the downside penetrating the 91 area would represent another milestone in confirming the count, and bad news for the bulls.
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