Crude is forming reversal patterns on daily charts since $31 that might take it to $45, now it has also started to show signs on weekly charts. USD/CAD showing a downtrend now, it has inverse relationship with Crude. Higher then Average volumes on Demand Day after 4 months is also a good indication. Closing above $31 this week will be a good indication.
1. Crude Inventory Today 2. Near Structure 3. My Go To Sell Patterns in Hourly Chart. 4. RSI Rejecting Rally in Daily Chart. 5. Us Dollar Looking Strong 6. Markets Also Week 7. Selling For Targets of 31.5
In the meantime, resistance levels at previous highs 4725-47.50 49.50 and upper Bollinger bands, 100 day MA (currently at 51, but sloping down). Target based on breakout of the triangle and triangle width which leads to a target projection of 50.50ish Buy signals: + 9 day and 20 day MA crossed 50 day MA + Breakout of triangle From the news: + Hurricane Joaqim +...