Thursday, June 05, 2014

Oil repeating its pattern

Take a look at this daily CL chart. Oil is forming the same pattern it did at the beginning of March and in Mid April.

Target of the move down around 100 followed by a move upto 106. Of course if 104 is really rejected in August, then that upward move is broken and we have room to move downto the 90 area.

Screenshot 2014-06-05 10.33.50