Crude talk
- Posted by admin
- on May 30th, 2012
Star of the carnage scene today was crude $CL_F which looks to be heading to test the secondary trend-line. Take a look (click to enlarge) at the following weekly chart:
1-2 were tests of trend-line, 3 was re-test of backside, 4 established new trendline and 5 is going to be test of trendline. First test in oversold market usually is good for a short-term trade. We’ll be buyers on any reversal of this trend-line.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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The HCPG team has been trading professionally since 1997 and founded The High Chart Patterns Newsletter in 2006. More »
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